Market Technician

  NetLink NBN Trust (CJLU): Regaining Technical Momentum After Consolidation The technical momentum indicates that NetLink NBN Trust is transitioning from an Accumulation phase to a Markup phase, with targets set at S$0.94, 0.99, and 1.04 . Price action and volume suggest that strong hands are in control, absorbing supply and preparing for a potential bullish move. The stock's relative strength is above zero, implying that it is outperforming the market index (STI), which suggests increased demand. Additionally, the volume-based indicator, FFI, has made a similar upward move, indicating a potential increase in demand for the stock. For risk management, a stop below S$0.98 would invalidate this analysis. Disclaimers apply.

  Week Ahead, 4 Nov 2024 Macro News: - The US FOMC meeting is anticipated to result in a 25bps rate cut. - Funds shorting SGD, betting on slower global trade if Donald Trump wins the US Presidential Election. Thus, weaker global currencies and a stronger dollar. - China’s manufacturing PMI re-entered expansion territory in October. - Companies are ramping up efforts for Double 11 sales. - Nil trade set up for the week ahead. Medium Term: - S&P 500 is expected to move downward in the short term, with the first support level around the 5,600 zone. If the S&P 500 breaks above the 5,800 mark, the downward trend would be invalidated. The FFI has declined, and a sign of weakness was observed on 31/10/24. - STI is likely to trend lower, with initial support at the 3,480 level. Only if the index trades above the 3,650 level will the downward trend be considered invalid. - HSI remains at its first support level of 20,600, aligning with the 38.2% Fibonacci retracement. Long Term: - S&