Technical Pulse: Sarine Technologies Ltd July 30, 2021 436

Sarine Technologies Ltd (SGX: U77) bullish upside is set to continue based on the following technical and price action:

 

  1. Since the strong upside break of the symmetrical triangle, Sarine technologies had a decent corrective throwback to the support turned resistance level of the symmetrical triangle after touching base at 161.8% extension level of the symmetrical triangle.
  2. The bullish hammer on Wednesday was confirmed after it rebounded from the 63-period moving average after a bullish candle confirms it by breaking above 0.700 psychological level.
  3. Falling wedge signals a bullish continuation pattern and should it breaks the resistance zone at 0.750 region, then it will have further confirmation of a bullish upside.
  4. RSI shows a bounce up above the 40-line. Signs of a continuation after a correction.

 

*Timeline of the trade is 12 weeks from the date issued.

 

CHART LEGENDS

Moving average

 

Red dotted line = 200 periods MA

Blue dotted line = 63 periods MA

 

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