Technical Pulse: SATS Ltd August 29, 2018 834

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.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!