On 2^nd of April, Ascendas REIT (SGX: A17U) sold off to our target at 2.50, which was a confluence with the bullish gap region between 2.55-2.47, subsequent price action was a rebound but based on the recent technical, the sell-off will continue. 

1. Rising wedge formation represents a bearish reversal sign and Ascendas will continue its bearish downside.
2. The multiple rejections at 50% shows that price momentum is weakening in its attempt to break higher.
3. Bearish pin bar rejecting 50% retracement level. On top of that, the previous long legged doji and the recent pin par rejection indicate a potential double top in this context.
4. Stochastic oscillator shows a bearish overbought zone.
5. Moving average indicate a death cross and prices has been trending below the 50 and 200 Moving averages.

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

* For reference, please refer to the past Ascendas report at https://www.stocksbnb.com/tech-pulse/technical-analysis-ascendas-reit/

CHART LEGENDS

Simple moving average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA