Technical Pulse: Singtel Ltd December 9, 2016 49

Singtel Ltd – Daily timeframe (Update from 18 November 16)


Current Sentiment: Bullish

Support 1: 3.71                     Resistance 1: 3.85

Support 2: 3.65                     Resistance 2: 3.96

Price went into a correction phase after hitting the 3.58 support area but the current downtrend remains intact. The confluence if 50% Fibonacci Retracement level, 60 day moving average and 3.85 resistance area succeeded in halting the correction shown by the increasing volume gravestone doji rejection on 08/12/16.

With the current bearish price action, expect the long term downtrend to resume for price to test the 3.71 support area followed by 3.65.

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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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