Technical Pulse: Mapletree Industrial Trust February 12, 2020 510

 

Mapletree Industrial Trust (SGX: ME8U) bullish upside is still strong but the likelihood of a correction is inevitable as suggested by the technical below:

  1. The initial bullish momentum did not last when the daily candle did not manage to close above 2.83 as the candle rejected 50.0% and 61.8% of the wedge at 73-2.90.
  2. The failed closure above 2.83 indicates a failed morning star as well, hence downside correction is unavoidable.
  3. The expanding triangle formation has completed 4 sub-waves and its ok the way to complete the E wave. The potential inflexion point should be at the demand level between 70-2.73.
  4. Prices are trending above all three moving averages hence there is a strong indication of a continued uptrend.

 

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

* Should the stock have a false breakout, the next likely rebound will be at the 2nd demand zone between 2.60-2.63.

 

CHART LEGENDS

Red dotted line = 200 SMA

Blue dotted line = 50 SMA

Green dotted line = 20 SMA

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!