Ascendas REIT (SGX: A17U) strong sell off from 3.48-2.22 signify a strong bearish impulse move and the rebound on the 23^rd is more of a correction and based on the technical, the REIT’s bullish rebound is coming to an end:

1. The long legged doji on Wednesday rejected the 50% Fibonacci retracement level of 3.48-2.22. Should the next opening candle close with a bearish candle, the conviction of a bearish sell down will increase as the bearish candle confirms the sell down and it forms a evening star candlestick pattern.
2. The bullish gap between 2.55-2.47 seems to be an attractive zone for a corrective rebound waiting to be filled.
3. Prices are trending below the 200 and 50 SMA.

The 50 SMA is curving downwards towards the flattening 200 SMA and should that happens, the potential death cross will signify a confirmation of a continuation bearish sentiment.

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