Singapore Exchange Ltd (SGX: S68) decline has been met with resistance after prices failed to break below $8.00 psychological support despite our sell call on 2nd July. Prices managed to stay above $8.25. Based on the technicals, prices are set to rally once again:
*Timeline of the trade should be between 1-3 weeks from the date issued.
*The neckline resistance at $8.50 remains a key level to be broken to confirm the bullish rally of the inverted head and shoulder. The psychological resistance at $9.00 is the 2nd crucial level to be watched as well. As it confluence with the 50% level and 161.8% extension level of the neckline.
Red dotted line = 200 periods Moving average
Blue dotted line = 50 periods Moving average