Parkway Life REIT (SGX: C2PU) bullish upside is set to continue based on the following technicals and price action:

1. Since breaking the psychological high resistance at $4.50, the upside momentum has been growing strong. Despite missing the 161.8% extension target of the larger falling wedge, formed in the September – December 2020 period, the correction sell-off has formed into a continuation falling wedge pattern.
2. Looking closer, the inside bar formation on Monday creates the 2^nd base of the falling wedge which acted nicely on the support. As such, a break above $4.74 will confirm the strong bullish upside.
3. The 22-day moving average has crossed above the 63-day period moving average not once but twice in Jan 2021 and April 2021. Furthermore, prices have been trending above the 63 and 200-period moving average.

*Timeline of the trade is 12 weeks from the date issued.

*Support zone at 4.46-4.51 offers good rebound support should the price fails to break above 4.74.

CHART LEGENDS

Moving average

Red dotted line = 200 periods MA

Blue dotted line = 63 periods MA

Green dotted line = 22 periods MA