Technical Pulse: Keppel DC REIT June 3, 2020 737

Keppel DC REIT (SGX: AJBU) bullish move came to a halt when prices broke down after the double top formation on 12th March 2020. The bull rally soon returned on the 18th March 2020 after price rebounded from $1.73. However, the rally came to a halt again when price failed to break the resistance level of $2.53 left by the previous double top. The upswing tapered down when the REIT formed a large rising wedge formation, signalling a strong desire for a sell down.

 

To add fuel to the fire, the bearish engulfing candle formation on Tuesday below the 127.2% extension level of $2.22-$2.53 and the resistance level signal a strong bearish reversal signal.

 

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

*Should the REIT exhibit a consolidation or a strong bullish reversal, the REIT will revert with the bull in sight and test the high at 2.61.

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