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:
- The formation of a larger falling wedge is set to breakout after it tested the resistance at $3.10 twice.
- 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.
- Two bearish “N” wave has been completed. (Marked in red curve). Which indicate a corrective stance.
- 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