Singapore Exchange Ltd (SGX: S68) bullish upside has been cemented since our report dated 16th September 2020 has stated that once prices clear above the then 200-day moving average, the bullish outlook is set. Based on the technical, the upside is likely to continue:
- Despite the consolidation seen after a potential broadening wedge is formed, SGX is set to continue its bullish rise as the wedge formation is a continuation of the dominant bullish trend.
- SGX managed to stay elevated above the support level 1 at $8.91, indicating a strong desire to continue the upside.
- Wave analysis suggest that as long as $8.91 remain unbroken, the probability of SGX going to wave ((iii)) is still on.
- Bullish golden cross just formed, indicative of a confirmed uptrend.
*Timeline of the trade is 3 weeks from the date issued.
CHART LEGENDS
Moving average
Red dotted line = 200 periods Moving average
Blue dotted line = 50 periods Moving average