Support 1: 2.00 Resistance 1: 1.91
Resistance 1: 1.77
Suntec REIT’s bullish sentiment has a forgone conclusion when the suppose bullish cup and handle formation is invalidated when the handle fails to materialise and instead, it forms into a descending triangle. As of 31st July 2019, the strong bearish candle confirms the evening star formation in addition to the pattern closing below the 22 simple moving average.
If we move back to the start of July 2019, the gravestone doji rejection of 2.00 psychological level gave a clue that the stock is lacking its bullish momentum and also, the potential double top formation is a clear sign of a bearish reversal pattern.
Red line = 200 periods moving average
Blue line = 50 periods moving average
Green line = 22 periods moving average
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