First Resources – time to take profits at the end of the markup phase | Technical Analysis | Singapore Stocks

A climatic move up will exhaust demand for the moment, meaning that it is time to get out until further price action gives a new buy signal. It is also unlikely to break through the strong psychological resistance on its first try, hence a quite short swing trade may be attempted, since risk is limited if a stop is placed at that level. With a lower close on a doji pattern which is also an evening star, it is starting its decline.

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Spencer Li is a trader, investor and entrepreneur who currently manages his own portfolio of stocks, REITs, currencies, cryptocurrencies, properties, and businesses. As a former professional in private equity and proprietary funds, he has over 10 years of market experience, and has been featured on more than 20 occasions in the media. As an international speaker and avid globetrotter, he has travelled to over 50 countries to spread his knowledge.

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