Market Rally Up From Morning Low

The market seems to be rallying up from the morning low. I wasn't looking at the intra-day movement and sold off my NOL holdings at S$1.14 (bought at S$1.04). Since I am not a day trader (I am a Weekend Trader, remember?), I paid no heed to intra-day movements.

This counter showed weaknesses by having double down bars with second closing below the first. It is also scheduled to meet the 20MA. The 20MA is expected to provide some support. However, as I do not have good data for the WOOTH charting method, I decided to play it safe and took the depleted profit of $0.10 missing out the major part of $0.25. Since the major trend is still down, it has higher potential to turn down than up. Defensive play is the key now.

Both MACD and Stochastics are showing signs of down trend which also coincides with the price trend in the short term. I think I will wait and see how it perform over the next few trading sessions.