I am long on SembMar since last Friday at a price of 4.08. I did not short because I was expecting a rebound (it happened today) as the market has been extremely oversold. The candles on SembMar also showed signs of reversal, with 2 inverted hammers, confirmed with a long white candle on Friday. The price was also rebounding nicely from the 61.8% level drawn from 9th Feb to 27th Apr. RSI and stochastics are also crossing upwards. BTW, SembMar is a stock still on the uptrend (unlike many others on SGX).
The bounce was augmented by news over the weekend that Europe has specially tailored a rescue package for Greece.
However, I am not expecting this countertrend rally to last very long. Therefore, after this rebound, I will be looking to short the markets.
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