Technical Pulse: Ascendas REIT December 12, 2016 32

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.

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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