Fraser Logistic (SGX: BUOU) upside has face some consolidation after prices has been trending above the February 2020 high at $1.34. Based on the technical, the trust is expected to see some downside correction to the support zone:

1. The wave analysis indicate that the trust has reached the 5^th wave and is currently forming a ending diagonal, which resemble like a rising wedge like formation that indicate a reversal
2. Despite a shooting star formation on 18^th September which was not a strong bearish signal after prices fails to close below the support level at $1.40, the bearish engulfing candle on Thursday was formed below the high of the shooting star, indicating a weakness in bullish momentum.
3. Bearish divergence is spotted and this usually signal an end of wave 5 and a reversal.

*Timeline of the trade is 3 weeks from the date issued.

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average