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Ascendas Reit: A bullish candle seen! Then then upside started. Price 3.30. Can the next phase of uptrend continue??
Author: Trading Impossible | Joey Choy
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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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