Technical Pulse: Straits Trading Co/Ltd November 23, 2021 679

Straits Trading Co/Ltd (SGX: S20) Impulse bullish upside is set to  return after a slight correction:   

 

  1. The formation of the expanded flat is likely to be complete after a bullish engulfing candle/tweezer bottom was spotted above the 123.6% Fibonacci extension level of wave (a)-(b).
  2. The bullish candle is seen supported by the kijun-sen.

 

 

 

*Expected timeline of the trade is 15 weeks from the date of report issuance.

*Should the price fail to sustain above $3.60, then the next likely move will be the price moving down to the major support zone at $3.32, which confluences with the 161.8% extension level of wave (a)-(b).

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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