Mapletree Com Tr – Daily timeframe  (Update from 28 July 16)

Current Sentiment: Bullish

Support 1: 1.505                   Resistance 1: 1.590

Support 2: 1.470                   Resistance 2: 1.615

Price marched along the uptrend as expected after the last update and rebounded off the 1.615 resistance area perfectly causing price to enter into a correction.

However, the correction was halted off the confluence of 38.2% Fibonacci retracement level and 1.505 support area, keeping the uptrend intact. Moreover, the bullish break and close above the pullback line and 20 day moving average on 21/10/16 signals the end of the correction.

Price should turn back into the long term uptrend next to test the 1.590 resistance area followed by 1.615.