PropNex - 02 Feb 2026

Chart Setup & Context

• Stock: PropNex Ltd (SGX: OYY)

• Timeframe: Daily (1D)

• Date Range: ~Jun 2025 → 2 Feb 2026

• Approx. Bars: ~160–170 daily bars

• Last Traded Price: 2.14

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1. Market Regime Classification (Lead With Regime)

Current Regime: Transition → Early Range / Mean-Reversion

• Prior strong uptrend has fully terminated

• Market now rotating between distribution → markdown → secondary accumulation

• Recent rally is reactive, not impulsive (key distinction)

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2. Macro Structure → Micro Structure

Primary Trend Structure (Jun → Oct)

• Clear bullish impulse:

  • Series of higher highs (HH) and higher lows (HL)

  • Acceleration phase Aug → Sep (wide-range up bars, expanding volume)

• Major swing points:

  • SH ≈ 2.49

  • SH (climactic) ≈ 2.63

  • Structural HL ≈ 2.23

📌 Trend strength peaked at 2.63 → classic exhaustion zone.

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Distribution & Change of Character (Oct → Nov)

• 2.63 high:

  • Wide-range up bar

  • Followed immediately by failure to continue

  • Subsequent bars show overlapping ranges + rising volume

• This is a textbook CHoCH:

  • Buyers still active

  • But effort (volume) no longer produces result (price)

➡️ Institutional distribution confirmed

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Breakdown & Markdown (Nov → Dec)

• Structure shifts to:

  • Lower highs

  • Shallow, weak bounces

• Breakdown below ~2.23–2.20

  • Volume expands on down bars

  • Pullbacks occur on lower volume

📌 This is professional selling, not panic liquidation.

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Capitulation & Secondary Accumulation (Dec low ≈ 1.82)

• 1.82 low:

  • Large volume spike

  • Long lower wicks

  • Narrow follow-through ranges

• Classic selling climax → absorption

• Subsequent bars:

  • Tight ranges

  • Volume dries up

  • No further downside progress

➡️ Smart money absorbing supply

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3. Volume–Price Relationship (VPR)

Key Observations

• High volume + small range at:

  • ~2.23 (failed support → resistance flip)

  • ~1.85–1.90 (accumulation zone)

• Volume divergence:

  • Recent push from ~1.82 → 2.20 occurred on moderate volume

  • Contrast with Aug–Sep rally (much stronger volume)

📌 This rally lacks institutional urgency

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4. Institutional Footprints & Smart Money Concepts

Order Blocks

• Bearish Order Block:

  • 2.35–2.45

  • Origin of impulsive markdown

  • Expect supply on any retest

• Bullish Order Block:

  • 1.80–1.90

  • Strong absorption + base building

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Liquidity Events

• False upside breakout attempts around 2.20–2.25

  • Wick rejections

  • No expansion follow-through

• Indicates liquidity harvesting, not trend resumption

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Fair Value Gaps (Inefficiencies)

• Inefficient move 1.95 → 2.10

• Likely to be chopped through, not respected as trend support

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5. Bar Pattern & Micro-Behavior

Recent Bars (Last ~15–20 bars)

• Multiple small-body candles

• Upper wicks appearing near 2.20–2.25

• Volume rising slightly but price stalling

📌 This is supply absorption OR preparation for another range rotation, not breakout.

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6. Psychological & Structural Levels

Level	Role
2.63	Major distribution high
2.42–2.45	Institutional supply ceiling
2.23	Prior structure pivot (key reference)
2.10–2.15	Current decision zone
1.82–1.90	Accumulation floor

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7. High-Conviction Observations (Top 5)

1. Primary uptrend is over — this is no longer a trend-following market

2. Recent rally is corrective, not impulsive

3. Institutional supply sits above 2.30+

4. 1.80–1.90 is the only confirmed demand zone

5. Current price (~2.14) is mid-range = worst R:R

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8. Risk-Adjusted Setup Mapping (Institutional Style)

Zone A – Defensive Long (Accumulation Play)

• 1.85–1.95

• Stop: Below 1.78

• Thesis: Secondary accumulation / mean reversion

• R:R: Favorable (only zone that makes sense for size)

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Zone B – Tactical Short / Trim Zone

• 2.35–2.45

• Stop: Above 2.50

• Thesis: Retest of distribution supply

• Requires rejection + volume confirmation

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Zone C – NO-TRADE ZONE (Current)

• 2.05–2.20

• Poor structure

• Choppy, two-sided flow

• Retail churn zone

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9. Forward-Looking Bias

Neutral → Slightly Bearish unless proven otherwise

What would change the bias?

• Bullish only if:

  • Clean break & acceptance above 2.45

  • Volume expansion comparable to Aug–Sep

• Bearish continuation if:

  • Failure at 2.20–2.25

  • Acceptance back below 2.00

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Bottom Line (Executive Summary)

PropNex is no longer a trend stock.
It is currently range-bound after distribution, with smart money already exited higher and selectively absorbing lower.
Do not chase strength.
Only buy weakness near demand or sell strength into supply.

Disclaimer:Please note that this analysis is for educational purposes only and should not be taken as investment advice. Trading involves significant risk, and you should consult with a financial advisor before making any decisions.

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