CORRESPONDENCE COURSES
Keppel DC Reit: Uptrend still going strong? Price 2.23. Buyers still holding well for now!
Author: Trading Impossible | Joey Choy
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About 2 weeks back at the start of the new year 2020, we saw Keppel DC Reit approaching the critical 2.10 resistance..
This level was key as we had been consolidating below it for about 4 months since Sept 2019..
There were already some signs of the uptrend continuing further with moving averages looking good.
Awaiting some bullish price actions at 2.10 which can lead the next phase..
Finally, it came on the 3rd of Jan 2020 and we were prepared..
See the chart that was captured where targets were drawn for more upside towards 2.30 first target which is about an 8% potential gain..
Over the next few days last weeks, we started to see prices pushing higher…
Gradually towards the 2.20 level where some slight profit taking set it…
This was normal given the rapid spike over a couple of days..
Target was reiterated again when it was at 2.18 with a potential break above the 2.20 level eventually last week.
Buyers seems to be holding prices well and any profit taking was met with more buying pressure..
See chart below where target is reiterated…
Fast forward to today, we are CURRENTLY seeing a firm attempt to break the 2.20 level and also push away from it..
Looks like our 2.30 first target as drawn 2 weeks back is on tracked and may touch soon…
Not only that, we have revised our target higher, probably to 2.50 but we may see profit taking along the way.
Would be good to hold and ride while taking steps to protect profits.. see where we are below now!
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