Technical Pulse: Ascendas Real Estate Investment Trust January 29, 2020 305

Ascendas (SGX: A17U) made a bullish comeback and based on the technicals, we expect Ascendas to break even higher.  

  1. Ascendas is in a running/expanded flat wave formation and since the 86.2% level is invalidated, there is a strong possibility of the trust touching 127.2% before reversing.
  2. Ascendas suffered a major sell down yesterday (28th Jan) at market opening, but the second half of the trading session saw Ascendas picking up momentum, forming a long legged doji above 38.2% Fibonacci retracement level of 85-3.15
  3. The long legged doji saw a rejection of the 22 SMA, signifying a short-term bullish momentum ahead.
  4. 20 SMA crosses above the 50 SMA on early Jan and the 50 SMA crosses above the 200 SMA yesterday signify a strong bullish confirmation.


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

*The immediate resistance level of 3.16 must be broken to confirm the B wave till 3.25.  



Blue dotted line = 50 Periods Moving Average

Green dotted line = 20 Periods Moving Average

Red dotted line = 200 Periods Moving Average

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