Technical Analysis: First REIT October 19, 2016 20
First Reit – Daily timeframe (Update from 22 Sept 2016)
Current Sentiment: Bullish
Support 1: 1.345 Resistance 1: 1.400
Support 2: 1.325 Resistance 2: 1.440
Price is still trending up accordingly as the 20 and 60 day moving average continually support price.
The most recent rejection off the 20 and 60 day moving average succeeded in taking price higher once again where it broke above the pullback line on 18/10/16.
The uptrend here should continue to go on strong to test the 1.400 resistance area followed by 1.440.
Note: Our current fundamental view on First Reit is an Accumulate rating with a fair value of $1.320.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.