SGX Technical Analysis and Implications for Asia Markets:
23 January 2018, Tuesday, 12.53am Singapore Time
(Click on Technical Chart above to Expand)
Attached is the technicals for SGX, the stock market operator of Singapore. The orange circles are The Donovan Norfolk forewarnings in January 2016 and July 2016 preempting that 1H-2016 will mark a major pivot bottom and that SGX, Asia Stock Markets and Singapore Stock Markets will have high trading volumes coming in starting from 2017 and continuing into 2018. Note, in 2H-2012, I had also forewarned in many public analysis writings that stocks will go into very low trading volumes in Asia and in Singapore, and that many brokers will go out of job in the industry. It all also came true from 2H-2012 to 2H-2015 until 1H-2016 when I finally flipped to high bullishness for Asia and called an end to the SGX winter.
SGX has broken up critical resistance of $7.70-$7.93 band of resistance. This break up is accompanied by high volume RUN-AWAY GAP which is successful. This is essentially hyper bullish in nature. This means high-power buyers controlled the markets from the start to the end. It is deliberated, not random. This means the future is bright for Singapore and Asian Stock Markets for 2018 and 2019 as Singapore has always been best indicator for Asia Market Performances.
Coincidentally, SGX also released disappointing corporate results a few days ago; people commented sell on the disappointment, and I forewarned that market is not as easy as reading the news but to instead buy the dip on bad news because markets are forward-looking. Coincidentally, this break-up was achieved right after my warnings. This means many naive short-on-the-news traders are receiving tar on the face and shedding tears of losses which will further widen. The move up is impulsive. SGX will break up psychological resistance of $10.00 like hot knife through butter. Even if the knife is not sharp, it will still batter the butter resistance into some smashed dairy pieces which is ugly but creamy delicious. Expect more upside roaring.
The Donovan Norfolk Technical Rating:
Bullish
(Expected to rally for the rest of 2018 and into 2019)
(Expected to rally for the rest of 2018 and into 2019)
Past SGX Analysis:
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