Regroup and rethink

It has been a long week as I was away on a business trip since Tuesday till today. I took the red eye flight out on Saturday morning and I reached Singapore with a headache. I did not get to rest well throughout the flight.

I believe it is time to look at the overall STI index first and evaluate my strategy.

Short term wise, I see the STI deflecting downwards after 2700 if it fails to break the downward resistance. All chartists are using the same chart. It is up to oneself to believe in what will happen. If it fails to recover above 2700, I should take profit from some of my existing counter and wait for the next entry at around 2300.

With respect to Hang Seng, I see some consolidation and at best recover back to 20000. Hong Kong had recently released its budget for 2016 and it seems the economy is losing steam due to the big brother China.

Next let's zoom into the individual stocks which I intend to let go on a short term basis. GLP I see it ascend back to 1.77 forming the cup shape. Fundamentally, this company is seen as burning cash and cashflow is slightly back into the black. I see this as recovering to $2.00.

My Singtel's average price is $4.09, I do not see the stock breaking even as presently the price is at $3.7 and there is a downward resistance on the stock.