Technical Pulse: Ascendas REIT March 31, 2021 887

Ascendas REIT (SGX: A17U) has been on a prolong correction since August 2020. Based on the recent technical, the stock is poised to break further on the upside:

 

  1. The formation of a larger falling wedge is set to breakout after it tested the resistance at $3.10 twice.
  2. Looking at the recent rebound from $2.83, the strong rebound has met with tough resistance at $3.09 but the shortfall rebound proves to be a strong bull when prices quickly recovered above the psychological level of $3.00. Hence, Ascendas do have a higher probability of breaking $3.09.
  3. Two bearish “N” wave has been completed. (Marked in red curve). Which indicate a corrective stance.
  4. Besides that, prices are trending above the 20 and 50-day moving average.

 

*Timeline of the trade is 6 weeks from the date issued.

 

CHART LEGENDS

 

Moving Average

Red dotted line = 200 Periods Moving average

Blue dotted line = 50 Periods Moving average

Green Line B= 22 Periods Moving average

 

 

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