Today I am still very bearish with the markets especially if Shanghai Index fail to stay above 2550, this market will re-enter into bearish mode (In my opinion)
I am looking at HK to close around 19300 level today. If that happen, most likely, we will see 19000 again by this week.
For the STI, 2701 is the critical reason for any buyers in the market based on our V3Go Diff. If the STI fail to stay above it by this week, most likely, we are going to see 2650 again.
Crude Oil most likely will re-test US$69 level again. At the moment, it is trading around US$72. The reversal of it last night clearly shows that the market is not having the strength for further upside.
NEWS HEADLINES
- Asian Stocks Fall as Japan's Prime Minister Steps Down; Sony, Mitsui Slump
- Bank of china plunged 6.1 percent as the lender began a 40 billion yuan ($5.9 billion) convertible bond sale. Industrial Bank slid 7.1 percent.
In summation; If possible, kindly stay out in the market today if you have the intention to go long. The risk vs reward ratio is currently against the longists. If you are intending to go short, wait for each rally to come in.. and as long as its below OP of the day and diff is in play, you can go for it.
Have a great trading day ahead!
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