At a cursory glance, the STI is still pretty strong, having had 2 legs up and forming a price cluster after surpassing the prior swing high.
However, a more astute scrutiny unveils potential new sellers stepping in, judging by the sudden large increase in supply volume.
Banks like DBS and OCBC are also exhibiting similar signs, but since both are advancing steadily in a tight channel, the buyers are still controlling the market, and I will continue to hold my long positions.
I will be trailing my stops to protect my profits, and watching for further signs of proverbial cracking. For those who desire a more detailed understanding of how this behavioral analysis works, there might still be a few seats left for our free sharing session next Tuesday.
