Technical Pulse: Singapore Telecommunications Ltd November 22, 2019 567

Singtel Ltd (SGX: M04) bearish trend will likely continue despite the strong move on the 20th of November 2019 due to the technicals :  

  1. Rounding top formation on the 7th November 2019 signifies a bearish reversal ahead.
  2. Prices close below the top resistance of the novice gap at 3.27 for 2 consecutive periods.
  3. Shooting star formation rejecting the 50%retracement level of 07-3.55. To add on, prices have rejected the 50% retracement for 2 consecutive periods.
  4. 22 SMA has been rejected twice. Signifying bullish exhaustion ahead.



*   Timeline of the trade should be between 1-3 weeks from the date of the report.

* Should the major resistance be broken at 3.37, the recommendation will be invalidated.



Simple moving average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA

Green dotted line = 22 SMA

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