Technical Pulse: Mapletree Logistics Trust June 17, 2020 1119

Mapletree Logistic Trust (SGX: M44U) rally has paused since it failed to break the immediate resistance at $2.08. However, recent technicals suggest that the stock is attempting to rebound and continue the rally.     

  1. The stock’s falling wedge formation at the support zone at $1.85-$1.86 indicate a strong bullish continuation signal.
  2. The 2 candles’ lower shadow is at equal lows and closed above the support zone. The bull candle on Wednesday (16th June 2020) indicate a strong desire to rally.
  3. Both the 50 and 200-day period moving average shows a Golden Cross formation, signalling a strong bullish trend ahead.

 

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

*Should the support zone at $1.85-$1.86 invalidated, the next support that the Mapletree will be testing is at $1.60

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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