Technical Pulse: Singapore Exchange Ltd October 27, 2020 367

Singapore Exchange Ltd (SGX: S68) bullish upside has been cemented since our report dated 16th September 2020 has stated that once prices clear above the then 200-day moving average, the bullish outlook is set. Based on the technical, the upside is likely to continue:

  1. Despite the consolidation seen after a potential broadening wedge is formed, SGX is set to continue its bullish rise as the wedge formation is a continuation of the dominant bullish trend.
  2. SGX managed to stay elevated above the support level 1 at $8.91, indicating a strong desire to continue the upside.
  3. Wave analysis suggest that as long as $8.91 remain unbroken, the probability of SGX going to wave ((iii)) is still on.
  4. Bullish golden cross just formed, indicative of a confirmed uptrend.

 

*Timeline of the trade is 3 weeks from the date issued.

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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