Wednesday, November 7, 2018

Sembcorp Marine - 3 Signs of Bearishness

Sembcorp Marine hasn't been performing during this bull run in the STI. I studied the chart, time and sales and the buy/sell queue and there were 3 signs of bearishness I wanted to highlight.

1. buy/sell queues are pretty thick and heavy on the sellers side with sellers constantly stacking up consistently when buyers start buying.

2. No beautiful chart setup. No cob, no ws and no nice wall even though the stock had touched a demand zone.

3. Buyers were not buying today even though the market is bullish. The stock is in Top volume with declining prices which tells you that the BBs are not ready to let it run.

Those 3 signs helped made my analysis and alerted me not to go long now. Wait till the turning point then hope back in again.

Ronald K - Market Psychologist - A Stock Market Opportunist