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 3^rd 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 4^th wave.

In summary, the short term view of Ascendas REIT is strongly bullish.  

CHART LEGENDS

Red line = 200 periods moving average

Blue line = 50 periods moving average

Green line  = 22 periods moving average