Despite Thai Beverage (SGX: Y92) recent recovery from 0.50, the momentum of the rise remains weak. The technicals indicate severe weakness and point to a resumption of the bearish trend:

1. The rising wedge formation is a rather unique pattern in Thai Beverage as both the lower and upper trend line shows tight converging than usual and the price has broken the lower bound of the wedge trendline.
2. Despite a promising bullish resumption after a formation of morning stars appear, price is unable to break the 0.70 psychological level for the 4^th consecutive time.
3. To make matters worse, the formation of the bearish pin bar indicates a possible bearish reversal.
4. Other than rejecting the psychological resistance, the price has been rejecting the 50 moving average line.
5. Death cross is still valid as prices have been trending below the 50 and 200 Moving Average.

*Timeline of the trade should be between 1-3 weeks from the date issued.

CHART LEGENDS

Simple moving average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA