Technical Pulse: SingPost Ltd March 28, 2018 893

Technical Buy

SingPost Ltd – Daily timeframe (Update from 13 March 2018)

28 mar

*Entry Price: 1.41        Stop loss : 1.21       Take profit : 1.55

*Singpost has been added to the “Phillip 20 Portfolio“ since 13 March 2018

Current Sentiment: Bullish

Support 1: 1.32                     Resistance 1: 1.45

Support 2: 1.28                     Resistance 2: 1.55

Buyers failed to sustain the bullish momentum after the last update, and the correction took over. Nonetheless, there seemed to be a strong support around the 200 day moving average, 61.8% Fibonacci retracement level and 1.32 support area.

After breaking briefly below the 1.32 support area on 26/03/18 intraday, buyers succeeded in defending the support area and closed price at the day’s high of 1.35 resulting in the formation of a Bullish Engulfing Bar. In addition, the bullish follow through on 27/03/18 also broke price back above the 20, 60 day moving average and downtrend line with increasing volume suggests a possible sign of reversal to the upside.   

Expect the uptrend to resume next for price to test the 1.45 resistance area followed by 1.55.

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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