Just early last month, we have seen some bullish actions in ST Engineering as it approached the 4.05 resistance level…
It has tested that level previously but have failed to break through..
But this time, it was different…
Buyers seems to be stronger and willing to push higher despite hitting the same resistance…
The uptrend was already in place so any firm price actions above would be meaningful,
Hence some upside targets were drawn towards 4.40 first… see what I mean..
Over the next few days, it started to push higher towards temp 4.20 resistance and we witness some profit taking..
But that doesn’t mean selling back all the way down…
Just a chance for buyers to take some profit and regroup before attempting to push higher..
Trend indicators were still looking strong and eventually we broke through as well..
Over the past 2 weeks, we are back to some consolidation from 4.25 to 4.30..
On some market weakness, buyers are still not ready to push higher but the move may come soon as long as 4.25 holds..
Target has been revised again recently towards 4.50…
Still watching for more bullish actions for the uptrend to continue..
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