Technical Pulse: Keppel DC REIT September 15, 2020 315

Keppel DC REIT (SGX: AJBU) strong upside is set to continue despite a temporary break below the primary uptrend line starting from March to August 2020:

  1. Prices has broken out of the falling wedge formation on Monday with a strong bullish candle. Indicating a bullish continuation of Keppel DC REIT.
  2. The Morning star formation at the bottom boundary of the wedge actually rejects the 38.2% Fibonacci retracement and the 50-day moving average.
  3. The REIT is still on a bullish uptrend which is mark by a series of higher highs and higher lows despite the break below of the primary uptrend line.

 

*Timeline of the trade is 4 weeks from the date issued.

*The resistance zone at $3.00-$3.06 is a strong resistance zone and therefore we expect some forms of correction.

*As long as prices continue to stay above $2.75, the uptrend is still on.

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

avatar
  Subscribe  
newest oldest
Notify of
CP Chuan
CP Chuan

Hi Mr. Chua, as yo predicted, it hit the resistance 3.06 and pullback. It seems the pullback is over today, rebounding from 2.96. If that’s the case, 3.00 would be a good re-entry point. Thank you for the good analysis.

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 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!