Technical Pulse: Frasers Centrepoint Trust May 27, 2020 621

 

Frasers Centerpoint’s (SGX: J69U) rebound from $1.55 on 6th April was strong initially but price entered in a short sub correction on 20th April, showing signs of slowdown in bullish momentum. Based on the technical, the trust is resuming its sell down:

  1. The rising wedge formation indicate a consolidation and a slowing down of the momentum.
  2. The failure of breaking the psychological resistance of $2.30 indicate from 19th May to 26th May indicates a weak bullish resolve to continue higher.
  3. Tweezer top below the psychological resistance 50% Fibonacci level of $1.55-$3.07 further strengthen the signs of a further sell down.
  4. Moving average shows a Death Cross, indicating a continuation of the downtrend.

 

*Timeline of the trade should be between 1-3 weeks from the date issued.

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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