Singapore Exchange Ltd (SGX: S68) The downtrend since August 2021 has come to an end after the consolidative price action, which has broken out of the downtrend line. Technicals further show that SGX is heading for a potential break to the upside:   

1. The formation of the ascending triangle is indicative of a bullish reversal to the upside, especially after it retested the resistance with a strong bullish candle at the resistance zone ($9.40-$9.51).
2. Ichimoku is showing 2 out of 3 signals of the “3 bullish golden cross”. Furthermore, the Senkou-Span A is sloping up.
3. Directional movement in Dec shows DM+ sloping up and ADX bottoming, usually a sign of trending returning.

*Expected timeline of the trade is 25 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line