Slightly more than 2 weeks back, we saw Mapletree Ind Trust selling down towards it key 2.40 support..
This level was crucial as it was the resistance it actually broke above last month…
It had then traded all the way to near 2.60 before some heavy profit taking…
So when it traded back to this 2.40, this could be where buyers may be looking to bargain hunt again…
In addition, it also coincides with the 20 days moving averages which lends some support..
Hence, expecting the uptrend to continue further, some upside rebound targets were drawn back towards 2.60…
See what I mean…
Over the past 2 weeks, we have indeed seen the rebound off the 2.40 support level taking place…
Buyers came back bit by bit and regained control again as prices pushed away from 2.40…
It broke the 2.50 over the past few days, approaching the 2.60 target as drawn…
We may see some profit taking near here again given the rebound over the past 2 weeks but..
Awaiting more bullish actions above 2.60 which can see the uptrend continue…
Looking at a really good firm uptrend for now based on trend indicators…
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