Technical Pulse: Sunpower Group Ltd November 18, 2020 304

Sunpower Group (SGX: 5GD) upside is marked by an incomplete wave 3 of the minor phase. As such, we are positive that Sunpower will be heading beyond $1.00 in the long term. Technical also indicate that the bullish sentiment will continue.

 

  1. Sub-wave count of the wave 3 of the minor phase indicate that the upside is yet to be complete and the target price level of sub-wave (iii) is at the resistance zone of $0.720-$0.750 region.
  2. Morning star above the key support zone at $0.603-$0.620 region indicate a strong bullish upside.
  3. Golden cross can be found on late August when the 50-day moving average crosses above the 200-day moving average. Fast forward to November, the short term bullish golden crosses in which the 22-day moving average crosses above the 50-day moving average, further cementing the prospect of the main golden cross.

 

*Timeline of the trade is 4 weeks from the date issued.

CHART LEGENDS

Moving Average

Red dotted line = 200-day moving average

Green dotted line = 22-day moving average

Blue dotted line = 50-day moving average

 

 

avatar
  Subscribe  
Notify of

About the author

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!