Technical Long

SATS Ltd – Daily timeframe (Update from 6 July 2018)

*Entry Price: 5.18           Stop loss: 4.81       Take profit: 5.60

*SATS has already been added to the “Phillip 20 Portfolio“ since 6 July 2018

Current Sentiment: Bullish

Support 1: 5.04                     Resistance 1: 5.30

Support 2: 4.93                     Resistance 2: 5.39

Price reversed higher as expected after the last update but the bullish momentum stalled around the 5.30 resistance area. Since testing the 5.30 resistance area on 26/07/18, price failed to break above it and slipped into a correction.

Nonetheless, the immediate uptrend remains intact as the 5.04 support area seemed to be holding price up for now. Moreover, the bullish rejection off the 5.04 support area succeeded in closing price back above the 20 and 60 day moving average on 28/08/18 signals the bullish momentum has returned.

Expect price to head higher next to test the 5.30 resistance area followed by 5.60.

Note: Our current fundamental view on SATS is an Accumulate rating with a fair value of $5.58.