Ascott Residence Trust (SGX: HMN) technical shows that the trust is heading for an impending upside break soon:
- Ascott Trust has formed a large potential ascending triangle, meaning to say that Ascott is heading for a strong bullish breakout.
- 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.
- Resistance level of 1.14 has been tested 4 times, hence the resistance is weakened.
- There is a short-term bullish crossover of the 20 and 50-day moving average, confirming the upside.
- 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
