Singapore Press Holdings (SGX: T39) is expected to trend downwards based on the following technicals:
- The stock has been making a series of lower lows and lower highs since December last year. Indicating a continuation of severe downside pressure.
- Bearish flag formation signifies a continuation of a potential bearish move.
- Prices have been struggling to break above the resistance at $1.38, the previous lowest point in the year 2020.
- Evening star formation signifies a reversal formation and the rejection of the resistance, indicating a confirmation of an imminent sell down.
*Timeline of the trade should be between 1-3 weeks from the date issued.
CHART LEGENDS
Moving average
Red dotted line = 200 periods Moving average
Blue dotted line = 50 periods Moving average
