Technical Pulse: Mapletree Logistics Trust June 25, 2020 561

Mapletree Logistics Trust (SGX: M44U) upside seems limited as the stock failed to break the immediate psychological resistance level of $2.00, as per our bullish report on 17th of June 2020. Technicals indicate further correction ahead, we are switching our bullish stance turning bearish, albeit modestly.

  1. After prices managed to break above the falling wedge, the bull went weak after struggling to break the resistance level of 2.00.
  2. Prices remain below the 61.8% of the Fibonacci retracement level of the falling wedge, signifying bears gaining the upper hand at the golden ratio level.
  3. Bearish engulfing candle rejected the 61.8% retracement level is the final straw of the bear.
  4. Prices will test the support at $1.84 before further downside to 127.2% extension of the falling wedge.


*Timeline of the trade should be between 1-3 weeks from the date issued.

* The trust remain bullish as prices is trending above both the 50 and 200-day period moving average. As such, if the price reverse higher within the next 2 consecutive period, the immediate resistance level is at $2.03.



Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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