Monday, March 27, 2017

BlackGoldNatural - A Fierce Rebound Today

BlackGoldNatural broke out today. I missed the whole run as I was busy running some other important errand and wasn't really focused on the market today. After locking in the profits for DBS this morning using the last Saturday STI outlook I gave, I felt good because DBS immediately rallied all the way towards the 18.71 level which would have made us cut a loss, but luckily I was able to spot the gap down with a low quality of supply which prompted me to lock in profits.

So looking at the BlackGoldNatural minute chart, there was a fake breakout at the final phase which then followed by a breakdown of the fake breakout area. I think for intraday today, it's not wise to long this counter anymore. I will share more on this fake breakout strategy and also how to short it before it breakdown.

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Ronald K - Market Psychologist - A Stock Market Opportunist