This week was interesting because: i) i divested from a long term holding (finally); ii) enter long position based on the new skill i learn ( converging triangle breakouts & trend investing with MA50/200).
Divestment
Cache Logistics because i thought my cash can be used for better things. and of course i considered the DPU was decreasing each year + down trending prices. (see here )
i took a $253 loss, but i have taken approximately $261 so i lost out in opportunity cost and interest.
Long-term entry
OCBC Bank. So i went to a market outlook talk at the start of the year ( see here) and there were discussion on how fed interest rates will be helpful to the local banks. then next thing i knew was that while scanning through the counters in my watchlist, i spotted a converging triangle for OCBC. i proceed to monitor it, and entered once it broke out of the converging triangle.
weekly chart - not too far from MA10 & MA 40
Daily chart, can consider 2 nice patterns, pullback of a shorter term breakout, and a breakout from a longer term converging triangle.
conclusion
I've taken a bit longer term view on my income/growth investments ( some criterias & fundamental analysis & daily/weekly charts)
for my trading counters, i am utilizing converging triangles, to mark breakout for entries! this i will discuss in a later post.
enjoy the weekend
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