Technical Pulse: Ascott Residence Trust April 6, 2021 234

 

Ascott Residence Trust (SGX: HMN) technical shows that the trust is heading for an impending upside break soon:

 

  1. Ascott Trust has formed a large potential ascending triangle, meaning to say that Ascott is heading for a strong bullish breakout.
  2. Within the triangle, the formation of a cup and handle give Ascott an additional boost of bullish confirmation. To add on, the cup bottom has rebounded from 50.0% Fibonacci retracement level from $0.81-$1.14.
  3. Resistance level of 1.14 has been tested 4 times, hence the resistance is weakened.
  4. There is a short-term bullish crossover of the 20 and 50-day moving average, confirming the upside.
  5. Target price 1 is 161.8% and target price 2 is 200.00% extension level of the cup and handle.

 

 

 

*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 dotted line = 20 Periods Moving Average

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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