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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