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.


Moving Average

Red dotted line = 200-day moving average

Green dotted line = 22-day moving average

Blue dotted line = 50-day moving average



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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.

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