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Update : Hammers. Are they really bearish signals? [Propnex SGX: OYY]
Please refer to this journal entry before reading.
Hammers. Are they really bearish signals? [Propnex SGX: OYY]
https://www.makingcentsandsense.com/post/hammers-are-they-really-bearish-signals-propnex-sgx-oyy
One of the most important things about investing is that even if things don't go as plan, one should always feel confident about their investments. Needless to say, I'm extremely confident about OYY as an investment and though I do see difficult times ahead, I believe that under the leadership of their current CEO that they will overcome adversity.
In my previous entry, I identified an opportunity where OYY would break out based on both technical and discretionary indicators.

Credits to Tiger Brokers
On Thursday, OYY broke the ascending triangle (with resistance identified at $0.55) and gapped up. After some profit taking from investors, we now see a pin forming at the close of the market yesterday. I do not see prices staying at $0.59 for long as this counter is severely overbought at the moment so it is likely prices will recorrect themselves in due time.
Furthermore, OYY has also issued an interim dividend and as it always is, the share price will drop once XD.

Looking ahead, it is extremely difficult to predict what will happen from here. I have identified some uncertainties which I really don't have answers for.
Property as an "essential business". In times of recession do people buy or sell more property? Interest rates are lower so it would make more sense to finance a loan but would people have the cents for it?
Is our property market in Singapore still valuable? Honestly I have no answer for this as I really have no idea how to value it. However I do see good news. Do refer to this article. https://www.straitstimes.com/singapore/housing/condo-resales-rebound-after-circuit-breaker-july-volume-nearly-double-that-of-june
All in all, company fundamentals look strong and management is certainly on the ball. Furthermore, as a relatively small company they do have the ability to make changes quickly which is important when dealing with adversity.