Singapore Exchange: Short-term bounce ahead?

A classic case of  "Buy the Rumour, Sell the News"! After SGX went vertical, it collapsed (as all parabolic moves eventually do), and is now back at previous rally high of $8.50. Coupled with the oversold indication on the daily RSI, it is a good place for a short-term bounce towards $8.80 initially,  probably followed by $9.00 & $9.30. A sustained break below $8.50 at this stage will have us back at the drawing board!

As if by coincidence, expect some positive news flow about the SGX-ASX merger in the coming weeks! ;)