May 23, 2024

Frasers Cpt Tr: One of the few Stronger Reits despite market weakness. Pushing higher as per target? Price 2.53

Author: Trading Impossible | Joey Choy
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Just about 3 weeks back when markets worldwide started selling off due to trade war tensions between US and China escalating…

We spotted a stock which was not ONLY holding firmly but also attempting to push higher

It was one of the few defensive Reits whose uptrend still looks firm…

Trend indicators were still looking positive and an end to the sideways consolidation seems imminent..

Finally, a beached above the 2.40 resistance was seen and looked bullish imo and hence some targets were drawn…

First target as above was at 2.55 and seems like target has been hit today already finally…

However, just last week, we have revised our target higher when buyers attempting to break the temp 2.45 resistance bullishly…

Target to 2.60…

We are still on tracked towards that target which can be revised further…

May expect some profit taking along the way give the rally we have seen..

However, uptrend still look pretty good above 2.50, at least for now…

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