Technical Pulse: StarHub Ltd November 20, 2020 214

Starhub Ltd (SGX: CC3) finally at the start of the bullish trend as indicated by the ichimoku and breaking up of the neckline resistance turned support of the resistance. Technicals reveal a bullish upside that is yet to complete:

  1. Ichimoku indicator indicates that the 3 golden cross has begun and with the Chikou-Span trending above the candles and the distance is far away from the prices plotted 26-periods later.
  2. Senkou-Span A is sloping upwards with Tenkan-sen and Kijun-Sen forming a golden cross.
  3. Bullish Marobozu candle invalidates the previous bearish candle. Indicating further upside.
  4. Target prices are at 200.0% and 238.2% extension level of the double bottom.

 

*Timeline of the trade is 3 weeks from the date issued.

*Expect some form of pullback along the way back to the neckline support.

 

CHART LEGENDS

Ichimoku Kinko Hyo

Red dotted line = 9 Periods Tenkan-Sen

Blue dotted line = 26 periods Kijun-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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