singapore shares highlights singapore exchange ltd 87012015
<p>Singapore Exchange Ltd (SGX: S68) – Potential short-term setback within multi-month bullish trend Key elements The multi-month bullish trend remains intact for Singapore Exchange as […]</p>
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Singapore Exchange Ltd (SGX: S68) – Potential short-term setback within multi-month bullish trend
Key elements
- The multi-month bullish trend remains intact for Singapore Exchange as it continues to evolve within an ascending channel in place since 20 October 2014.
- Current price action has reacted off at the upper boundary of the ascending channel at 8.02 with the lower boundary of the similar channel now at 7.60.
- The 8.02 level also confluences with a Fibonacci projection cluster.
- The 50-day Moving Average is coming to act as a support at around 7.52.
- The Stochastic has exited from its overbought region and a bearish divergence signal has been sighted as well.
Key levels
Pivot (key resistance): 8.02
Support: 7.84 & 7.60/52
Next resistance: 8.50
Conclusion
A break below 7.84 is likely to see a short-term decline towards the 7.60/7.52 support before the on-going multi-month bullish trend resumes for Singapore Exchange.
On the other hand, a break above 8.02 may invalidate the setback scenario to see another round of upside movement towards the next resistance at 8.50 (the upper boundaries of both the long and intermediate term ascending channels).
Source: Charts are from eSignal
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The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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