Tuesday, February 25, 2020

SATS: Sellers still here? Price 4.38. Weakness may still continue!

Just about 3 weeks back at the beginning of Feb, we saw SATS approaching the 4.55 – 4.60 support level dangerously…

It has been holding above this key support for the longest time since Aug 2016 which is more than 3 years ago..

So any key price actions near here would be meaningful to watch..

Since 2018, it has been forming lower highs which is a sign of weakness from the charts and just recently,

Trend indicators were also starting to point down..

Hence, when we saw some bearish price actions on 3 Feb 2020, some downside targets were drawn as seen below..

First target towards 4.30 first.. see what I mean…

After the first spot, over the next few days, we managed to see more selling pressure towards 4.40..

And then some short covering seen before a quick rebound…

It rebounded all the way back to 4.60 which was the initial support it had broken…

However, can see that sellers were still lurking and selling pressure continued..

This initial 4.60 support would now be the resistance for price to push lower.

Targets were reiterated to the downside again with near term support now revised to 4.40, See what I mean…

From the chart below, you can also see a Bearish Rounding Top pattern drawn which can point to a downtrend in progress, especially below 4.60 RESISTANCE....

Fast forward to today, we are finally seeing some actions again with sellers attempting to push below the 4.40 support..

Currently at 4.37 where buyers are still trying to hold on and recover some ground back above 4.40 BUT seems like not able to..

Awaiting to see more bearish price actions below 4.35 which can see more selling momentum coming back fast..

Next downside target to 4.20 then 4.00 can be on the cards if that happen..

Short term trend indicators still looking negative for now..

Watching to see what happen in the next few days…

More for shorts with CFD to ride further weakness… would not want to be holding on to long positions blindly for now…

See where we are below now…

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Wednesday, February 19, 2020

Ascendas Reit: A bullish candle seen! Then then upside started. Price 3.30. Can the next phase of uptrend continue??

Just about 3 weeks back, we spotted a really bullish candle in Ascendas Reit..

This bullish candle was something like a “Hammer” and we saw it right at the support at 3.05…

This showed that buyers were ready to defend the support at 3.00 – 3.05 readily and perhaps even take price higher…

Price was at about 3.11 then and hence we drew some upside target with a potential break above the KEY 3.15 RESISTANCE level..

First target to 3.30 as drawn..

We were expecting some upside, BUT this 3.15 RESISTANCE WAS STILL key…

In fact, we really need to get pass that convincingly with some bullish price actions in order for the uptrend to continue…

We have been capped below 3.15 since July last year, so it is like 6 months below and sellers were already pushing it down from 3.15 so this level is KEY…

But this Bullish hammer candle on the 28 Jan 2020 looks promising. See the candle below highlighted in green!

A few days after, we have indeed seen the bullish move above 3.15 resistance..

Target was reiterated again to 3.30 and even higher to 3.50 as seen  below..

Uptrend looks good on this bullish move above 3.15 and looks set to continue..

Finally, we have cleared the 3.15 resistance after more than 6 months of testing it and failing to do so..

Moment was captured as it happened..

But we were expecting some profit taking near 3.30 first…

Fast forward to today, we have seen our first target at 3.30 hit over the past week..

Now seeing some profit taking at 3.30 which is normal given the ride we have seen…

However, uptrend still looks ok for now with some new support at 3.25 over the past week..

Awaiting more bullish price actions which can see our 3.50 target on track as reiterated…

So far, sellers are still selling near here but buyers may be ready to take it up the next step soon..

Watching! See where we are below now.

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Tuesday, February 11, 2020

Mapletree Log Trust: Seems to be defensive despite current virus pandemic. Price 1.88. Can the uptrend continue?

Just about 1 month back at the beginning of the year, we saw some bullish actions in Mapletree Log Trust.

The uptrend was firm over the past few months but it was just not able to break the 1.75 key resistance since Oct last year…

This was before CNY and also before the escalation of the current virus pandemic.

Some upside targets were drawn towards 1.90 as seen below when we finally saw some decent price actions..

Buyers were finally ready to take it higher and sellers cannot withstand anymore.

Trend indicators were also looking positive on this move pointing to a strong uptrend..…

Let’s see what happens over the past few weeks as the virus situation escalated to current orange code.

As the virus situation getting worst, we saw a move higher with an attempt to break the 1.80 level too..

Target was reiterated to 1.90.

Despite market selling off on fears of the virus spreading further on Singapore shores, this counter was surprising still quite defensive.

Can see that buyers were coming back to buy on dips on any slight fall which kind of supported prices..

Perhaps, this is due to the defensive nature of industrial Reits where tenants have longer tenures and hence less likely to be affected compared to the retail sector where Retail Reits got hit badly..

Fast forward to today, we have already hit our 1.90 target last week as when first drawn..

There is some profit taking seen for now which is normal given the more than 8% gain when it was first covered…

However, seems like there is also some good support returning near 1.85 over the past few days..

Here is also where the 20 day Moving average is also which can lend some technical support..

Some selling seen near 1.90 -1.92 for now but we may eventually attempt to push higher towards revised target at 2.00 as seen below..

Watching for now to see if the upside can continue further while protecting profits…

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Tuesday, February 4, 2020

Comfort Delgro: Selling still continuing? Price 2.14. May still see weakness amidst virus epidemic..

Just about 2 months back, we saw Comfort Delgro breaking the key 2.40 support that it has been holding above for more than 6 months…

In addition, there were also some signs of the downtrend starting to take shape

From the moving averages, we were seeing some weakness, expecially with some bearish crossovers seen..

Buyers were unable to take it above the 2.45 resistance level and sellers just came back to take profit…

Hence, some target were drawn to the downside with target to 2.25 then 2.10 eventually..

See what I mean below…

Sellers seem to be ready to push price lower after each minor consolidation which is not a good sign

A few weeks passed and there were some consolidation above the 2.30 support…

However, trend was still pointing down eventually we saw the 2.30 support gave way too..

This was captured when it happened live as seen below..

Downside target were reiterated towards 2.10 again as mentioned above..

Note that this was before the virus epidemic currently happening..

Targets were mainly due to the charts showing weakness…

Fast forward to today…

Over the past few days we have seen more selling pressure with the virus epidemic escalating..

2.20 temp support has given way last week and seems like it is about to hit our target at 2.10..

Yesterday’s low was at 2.11 before some short covering return..

Transport business is likely to be hit with lesser tourist coming to Singapore and private hire drivers are already feeling the brunt..

On any further bearish price actions below 2.10, targets can be revised lower as seen…

Still in watchlist… cautious long position for now..

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