Technical Pulse: SATS Ltd August 17, 2022 298
SATS Ltd (SGX: S58) A retest of the immediate support at 4.00-4.10 is possible before price edges higher as:
- The neckline breakout of an inverted head and shoulder formation at 4.07 is pointing towards a bullish upside.
- Price has also been supported by an uptrend line with bullish rejection candles, forming a series of higher lows confirming the uptrend.
- Price could reach resistance zone 1 at 4.25-4.40 before making a possible retest of the support zone, heading towards resistance zone 2 at 4.55-4.70 thereafter.
*Expected timeline of the trade is 25 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
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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).