Technical Pulse: Keppel REIT November 14, 2022 132

 

Keppel REIT (SGX: K71U) A potential bounce to retest the resistance zone at 1.03-1.06 in the current downtrend as:   

 

  1. The price broke out of the main downtrend channel it was trading in on 11 November after the recent selldown retested the swing low support formed at 0.895 in late October 2020 to create a double bottom confluent with the support zone of 0.860-0.930.
  2. The Moving Average Convergence Divergence (MACD) technical indicator is currently displaying bullish momentum with the sustained crossover of MACD line over the Signal line.
  3. The price could reach the 1.04 level in the resistance zone at 1.03-1.06 which is confluent with the downtrend resistance line and 50% Fibonacci retracement level using the recent swing low of 0.860 and recent swing high of 1.23.

 

*Expected timeline of the trade is 13 weeks from the date of report issuance.

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

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About the author

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Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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