Yanlord Land Group (SGX: Z25) has been on a downtrend since the share price broke below the support level of 1.06 in early March 2020. Despite a modest rebound in late March to early April, the momentum seems to be slowing as displayed by the candlesticks formation and thus, the rebound seems to be a corrective move rather than of an impulse. Further technical actions indicate a return of the bearish downfall:

1. The immediate downtrend is still valid as it is marked by the series of lower highs and lower lows. Although the downtrend line has been broken, the consolidation of candles outside the trend line did not exhibit a strong desire to rally as they failed to have a significant breakthrough of the support turned resistance level at 1.06 and the 50% Fibonacci retracement level, which coincides with the resistance level of 1.06.
2. The bearish engulfing candle on last Friday is confirmed by a bearish candle on Monday. Furthermore, the bearish engulfing candle was formed below the 1.06 resistance level.
3. Prices have been trending below the 200 and 50 Moving average line. With the engulfing candle testing and closing below the 50 Moving Average line.

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

*Should price reverse higher, the next level that will be tested is at 1.11.

CHART LEGENDS

Moving average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA