Technical Pulse: Mapletree Industrial Trust January 25, 2023 388
Mapletree Industrial Trust (SGX: ME8U) Potential breakout of a consolidation triangle to retest the downtrend channel resistance at S$2.58:
- The price has consolidated in a triangle and has been forming higher lows recently, a bullish signal for a potential breakout.
- The Moving Average Convergence Divergence (MACD) technical indicator is currently displaying a bullish momentum with the sustained crossover of the MACD line over the Signal line, while remaining above the zero line.
- The price could retest the S$2.58 level in the resistance zone of S$2.58-2.68, confluent with a previous swing high formed in September 2022 and the downtrend channel resistance, by taking the height of the consolidation triangle (S$0.26) projected onto the breakout point.
*Expected timeline of the trade is 13 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocks
Subscribe
0 Comments
About the author
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).