Technical Pulse: Singapore Press Holdings Ltd July 11, 2019 430

 

Support 1: 2.38                       Resistance 1: 2.53

Support 2: 2.29                       Resistance 2: 2.70

Singapore Press Holdings share price is currently in range mode. However, the technicals show that the stock could have some upside after the price has been testing the 61.8% of the resistance three times.  When resistance is tested multiple times, the resistance tends to get weaker.

Price should be rebounding at the lower bound of the range at 61.8% retracement level as that level has a strong area of demand. Should price rebound from that area, we are looking for a stronger rally towards 2.62.

 

CHART LEGENDS

Red line = 200 periods moving average

Blue line = 50 periods moving average

Green line  = 22 periods moving average

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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