Support 1: 3.00 Resistance 1: 3.20
Support 2: 2.87
Ascendas’s bullish strength has been better than expected after the share price broke out from the previous high of 3.06 in the last trading day in June 2019.
Base on the Elliott wave count, we are currently in the sub-minor phase of the wave count. Because the 3rd wave has an extension, the pullback for the minor wave four counts will be slightly deeper, which is at 3.00, a psychological number and 61.8% Fibonacci retracement as well.
Price may even head deeper into the retracement at 2.90, but should it cross beyond support level 2, then the price may head into a complex corrective 4th wave.
In summary, the short term view of Ascendas REIT is strongly bullish.
Red line = 200 periods moving average
Blue line = 50 periods moving average
Green line = 22 periods moving average
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