Ascendas Reit  – Daily timeframe  (Update from 07 September 16)

Current Sentiment: Bearish

Support 1: 2.26                     Resistance 1: 2.41

Support 2: 2.20                     Resistance 2: 2.49

Price has turned into a downtrend after the 2.52 resistance area rejected price on 03/10/16. The subsequent crossover between the 20 and 60 day moving average to the downside on 20/10/16 further validates the downtrend.

There was a correction in price recently but the move was halted off the 61.8% Fibonacci retracement level and 2.41 resistance area keeping the downtrend intact. In addition, the increasing volume bearish break below the pullback line and 20 day moving average on 14/12/16 suggests further downside next.

Expect price to fall next to test the 2.26 support area followed by 2.20.