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