Fraser Logistic & Commercial Trust (SGX: BUOU) bullish upside has come to an end after Fraser Logistic and Commercial Trust achieved our first target price at $1.56 based on our report on 6^th Jan 2021. However, prices reverse strongly at $1.56 level and technical indicate that the sell-off will continue.

1. The current wave formation is a confirmed corrective expanded/running flat after prices reverse sharply at 123.6% extension of wave AB.
2. Potentially, FCT only complete sub-wave (i) and (ii) of wave C. Hence, further sell-down will be observed.
3. The formation of the potential head and shoulder is further confirmed by the declining volume from the left shoulder to head and finally to the right shoulder.
4. Prices has broken out of the bearish flag.
5. Bearish candle closes below the 50-day moving average.

Moving average

Red dotted Line = 200 periods moving average

Blue dotted line = 50 Periods moving average