Technical Pulse: Lendlease Global Commercial REIT November 20, 2020 1094

Lendlease REIT (SGX: JYEU) has been ranging since the end of the rally in mid-June 2020. Since prices fail to clear above the key resistance high of the range at 0.705, the technicals indicate further weakness and a correction.

  1. A smaller potential double top formation has formed and it is pending breakdown of the neckline support at 0.650. Once broken, Lendlease will potentially test support zone 1.
  2. Tweezer top formation on the 2nd top has been confirmed by the bearish candle on Thursday. Also, the tweezer top has rejected the 50 and 200-day moving average.
  3. Bearish death cross has been observed in the 22 and 50-day crosses below and the major and most recent 50 and 200-day crossing below. This indicates further selling pressure ahead.

 

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

 

CHART LEGENDS

Moving Average

Red dotted line = 200-day moving average

Green dotted line = 22-day moving average

Blue dotted line = 50-day moving average

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

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