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.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.