Support 1: 2.00                       Resistance 1: 2.20

Support 2: 1.83                      

Mapletree Industrial Trust’s bullish run may be pausing for a corrective phase. Nevertheless, the long term sentiment of the stock remains bullish as all three major moving averages are pointing to the upside and especially the long term 200 SMA, which is slowly inching upward.

The bearish correction is set to occur in the near term as the Relative Strength Index is showing a bearish divergence and the gravestone doji candlestick pattern on Tuesday gave us a hint that the stock is heading for a bearish reversal. To further add on, Wednesday’s candle still close below the gravestone doji low.

Both 2.08 and 2.04 shows great potential for a bullish rebound as both zone confluence with the area of demand and Fibonacci key levels.

*Should the stock breaks above the resistance price level of 2.20 and closet two strong bullish candlesticks above; there is a possibility it might extend to 2.50.

CHART LEGENDS

Red line = 200 periods moving average

Blue line = 50 periods moving average

Green line  = 22 periods moving average