Profitable May 2024
I did spot May's trading hotspot - and that is the glove stocks.
In Mar, $Top Glove(BVA.SG$ bottomed at 0.22 at the 0.215-0.225 support zone. Then, it went on to break out of the downtrend line. It surged from there. The US reported that they will increase tariffs on China medical gloves, syringes to 25% and face masks to 50%. The tariffs on gloves are set to go into force in 2026, while the proposed duties on masks and syringes will take effect in Aug this year. This will make Malaysian gloves more competitive. Top Glove spiked around 30% and peaked at 0.375. A 2-year high. That's a 70.45% gain. $Riverstone(AP4.SG$ also rose to a 3-year high. Then profit-taking set in. But news of a new wave of Covid-19 in Singapore and globally from a new variant and the increase in hospitalisations kept the price high.
But I didn't buy Top Glove, as I believe $Medtecs Intl(546.SG$ and $UGHealthcare(8K7.SG$ will also benefit from the increase in tariffs and may also rise to 2-year highs. I think the profits will be higher than Top Glove's 70.45% gain. So I bought them instead.
I was expecting maybe a few days of price spikes for the 2 laggards and to also reach 2-year highs. That didn't happen. It was more drawn out than I thought. But I'm hopeful that they may follow Top Glove in Jun.
Mostly green days for me in May and my portfolio gained 14.27%, outperforming Nasdaq's 6.89%.
Most stocks tend to move in ranges. Therefore, the buy and hold strategy is not for me. I prefer swing trading. I use fundamental analysis to decide what stocks to buy. Glove companies' profits are either increasing or their losses decreasing quarter-over-quarter. I like recovery plays which can have some good gains.
Then I use technical analysis to determine the supports and resistances for my entry and exit points. From there, I determine the estimated profits. Then I buy stocks with the highest estimated profits to maximise my profits.
I trade the complete swings, even if it takes weeks. I don't go in and out of the market every few days for only coffee money. This is very inefficient and minimises profits.
Nothing is 100% certain. So I have a stop loss strategy at 10% in case something goes wrong.
I am confident Jun will be a better month for me and my portfolio will perform better.
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Momentum Trader :
bullrider_21 OP Momentum Trader :
How was your performance? Your midcaps did well.
Momentum Trader : Bit slow in SG. Shifted focus to MY and HK, getting more adrenaline pumped in faster markets
101572862 : thanks for the details and your aspirations to share your learnings
bullrider_21 OP 101572862 : yw. Glad to share.
LEng LEng : Thanks for sharing.
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
bullrider_21 OP LEng LEng : Happy to share![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Always Growing : Waiting patiently for Top Glove to rise again.
2120Dude : EOM TRADING.
71840268 : thanks for sharing.
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