Technical Pulse: Frencken Group Ltd January 20, 2022 312

Frencken Group Ltd (SGX: E28) The downtrend threat is likely to be over after recent technicals indicates a potentiall bullish reversal to the upside:   

 

  1. The formation of the falling wedge indicates a potential bullish reversal to the upside.
  2. The bullish hammer is seen rebounding from the 1.70-1.74 support zone.
  3. The bullish divergence is spotted and this means that the bearish momentum has turned bullish.

 

 

 

*Expected timeline of the trade is 25 weeks from the date of report issuance.

*Despite the positive bullish signal, the stock is still on a downtrend as displayed by the Ichimoku. Hence, should the rebound momentum remain weak, then 1.91 could be a selling point. Should this happen, then 1.47 will likely be a stronger key support zone.

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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