ThaiBev Saw Strength Among Sea of Red

ThaiBev (Y92)
Despite Singapore market experienced sell off today, ThaiBev broke above its range after earnings announcement.

Smart Money has been with the stock since the stock broke above the red downward trendline. This can be seen from our RS indicator as it stayed above zero line since the red line break-out. RS above zero indicates the stock is outperforming the index.

Upward momentum is expected to continue. Thus, I'll be on a lookout for pullback for trading opportunities.

RS helps us identify stocks that outperform the market which mostly has a better demand factor for potential further upward move.

Disclaimer applies.

Wyckoff's Law of Effort

Law of Effort Wyckoff's Law of Effort states that on any single trading day (or week depending on time frame), huge volume (effort) push by participants should see huge price movement, resulting in a wide spread (long body). This is a basic principle of effort and result. However, as per Singtel's case study, we saw huge selling volume on 11 May, yet the price action only shows a narrow spread (small body). This divergence of effort and result in Wyckoff's Law of Effort principles, indicates possible exhaustion in selling or hidden buying. Thus, with a lack of weakness, Singtel should continue trading range bound for the coming days or weeks till further strength or weakness is observed. Swing Traders who trades range can consider positions at 3.70-3.72, with exit target 3.76-3.78.

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