Technical Pulse: Mapletree Industrial Trust January 25, 2023 93

 

Mapletree Industrial Trust (SGX: ME8U) Potential breakout of a consolidation triangle to retest the downtrend channel resistance at S$2.58:   

 

  1. The price has consolidated in a triangle and has been forming higher lows recently, a bullish signal for a potential breakout.
  2. 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.
  3. 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

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About the author

Profile photo of Zane Aw

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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