Singapore Markets close in 4 hrs 39 mins
  • Straits Times Index

    3,240.58
    +49.87 (+1.56%)
     
  • Nikkei

    26,739.03
    +336.19 (+1.27%)
     
  • Hang Seng

    20,717.24
    +596.56 (+2.96%)
     
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • BTC-USD

    30,097.83
    +813.60 (+2.78%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     
  • Dow

    31,261.90
    +8.77 (+0.03%)
     
  • Nasdaq

    11,354.62
    -33.88 (-0.30%)
     
  • Gold

    1,845.10
    +3.90 (+0.21%)
     
  • Crude Oil

    110.35
    +0.46 (+0.42%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • FTSE Bursa Malaysia

    1,549.12
    -0.29 (-0.02%)
     
  • Jakarta Composite Index

    6,918.14
    +94.81 (+1.39%)
     
  • PSE Index

    6,746.33
    +86.28 (+1.30%)
     

“The time to buy is when there’s blood in the streets”

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

The STI's support levels have held this week, but momentum has turned down

Easier said than done. It’s a brave trader who would follow the Rothschilds. Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets." Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon.

After denying that Russia was going to attack Ukraine right up to Feb 22, Russia attacked Ukraine. Indicators had pointed to a consolidation, or a retreat of sorts.

As it is, the Straits Times Index fell rapidly to 3,251, an intra-day low on Feb 24, closing at 3,276, a tad above the50-day moving average which is currently at 3,261.

Earlier, Right Timing had flagged support at the 3,294 to 3,300 range which, unfortunately appears about to be breached as the STI ended the week of Feb 21-25 at 3,294. As it stands, the break above 3,240 which took place in the second week of Jan remains valid, as the index has remained above this level. The upside from the breakout of 4,000 appears somewhat remote at this point.

The moving averages remain intact. However, quarterly momentum has turned down, albeit in positive territory. The week of Feb 28-Mar 4 is likely to be a volatile one for traders, and the 3,240 level needs to be watched in case it gives way.

See Also:



Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting