Market view STI 3,305.64, down by -1.34% (-44.86 pts) HSI 23,367.45, down by -2.58% (-620 pts)

STI closed lower at 3,305.64, down by -1.34% (-44.86 pts), with 84 Gainers and 400 Losers. HSI closed lower at 23,367.45, down by -2.58% (-620 pts). From my view, it is likely that market is in a short term correction.

China PMI (Purchasing Manager’s Index) is down to 8 month low in November, 50.3 (Nov) vs 50.8 (Oct). Missing expectation at 50.5. A figure above 50 signals expansion, while anything below 50 indicates contraction. This may signal further downwards pressure in China.

As you have noticed, the Oil and Gas stocks have been badly affected in today’s trading session. For instance, Keppel Corp has high trading volume in comparision to the past. Technically, there is a gap down too, showing strong selling signal. The last done price is at $8.56, and the last time we saw this price was probably around Oct 2011, around 3 years back. We can expect some volatility for the oil and gas stocks. Never the less, there could be buying opportunities too. Let us keep a lookout for signs of reversal.

Meanwhile, we can turn our focus to banking sectors, whereby they will be able to benefit more from the higher interest rates.

One of them is OCBC Bank, whereby it is resisted at $10.50 (Close to 52-weeks high of $10.52)

For clients who are interested in bank stocks, do keep OCBC close in your watchlist as it retraces from $10.50. Look to see if $10.20 can be a support for OCBC before entering, as it seems like there is a higher possibility for downside first. If support broken, next level of support is probably at around $9.89 or $10 (Whole number). Bearish stochastic crossover in the overbought region, Bearish MACD signals. Overall, OCBC moving averages are still on uptrend (20 days, 50 days, 200 days).

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2 thoughts on “Market view STI 3,305.64, down by -1.34% (-44.86 pts) HSI 23,367.45, down by -2.58% (-620 pts)

  1. Thank you Baghdadi for outfucking Hydrocarbons Common Thieves! Don’t bother cursing OPEC. They ain’t worth it. I betcha worthy the worthless if one did. We’ve seen economical scam crash at oil surge how about a meltdown as Hydrocarbons’ prices tumbledown.

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