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.
- 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.
- 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.
- 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