Friday, December 6, 2019

ManulifeReit USD: Quite a good run. Is the upside over? Price 1.00

Just a month ago, we saw some pretty bullish reversal actions in this counter ManulifeReit USD…

It has been trading  below this 0.92 resistance level for about 2 months and buyers were just not able to break through..

However, the move finally came somewhere around 8 Nov 2019…

The uptrend indicators were also looking positive then and more short term upside was expected..

Hence some targets were drawn as seen below.

Towards 0.98 first where we would expect some profit taking..

A few days later, we started seeing prices pushing higher towards target..

From 0.95 to 0.96 then, to just last week when it was nearing our 0.98 target finally..

The uptrend looks good and target were revised higher on the potential break of the 0.98 resistance last week as seen below..

We were expecting buyers to test this level and break through.. see what I mean.. before it happened…

Fast forward to today, we have indeed broke then 0.98 resistance..

In fact, the 1.00 resistance is key for now as we are attempting to clear it..

Any firm bullish actions above can start to see the uptrend continue towards our higher revised target, watching..

Perhaps to 1.05 -1 .10 next… let’s see..

Quite a good run over the past 1 month… more upside to come?

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