Technical Pulse: Singapore Airlines Ltd February 9, 2021 776

Singapore Airlines Ltd (SGX: C6L) has finally sees the light at the end of the tunnel after it broke off the larger wedge formation on November 2020. Subsequent upside is considered a strong bullish rally. Further technical indicate a possible upside of SIA.

 

  1. The bullish candle has broken above the smaller falling wedge formation after last Friday’s doji closes above support zone 1.
  2. The bullish candle has also closes above the 22 and 50-day moving average. Which also indicate that SIA is cementing its bullish outlook.
  3. Stochastic Oscillator is showing a bullish crossover at the oversold region.
  4. Target resistance zone is the confluence zone between 1.382% extension of the larger falling wedge and 2.00% extension level of the smaller falling wedge.

 

*Timeline of the trade is 3 weeks from the date issued.

 

CHART LEGENDS

Moving Average

 Red dotted line = 200-day moving average

Blue dotted line = 50-day moving average

Green dotted line = 22-day moving average

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