June 16, 2024

ParkwayLife Reit: A beneficiary to current virus situation? Price 3.54. Uptrend to continue despite market weakness…

Author: Trading Impossible | Joey Choy
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Just about a month ago, we saw ParkwayLife Reit approaching the key 3.30 resistance bullishly..

It has been trading below it for more than 2 months and seems like it was ready to test that level and push higher again..

Moreover, from the trend indicators, it was looking positive too with the uptrend set to continue on more bullish price actions…

We have indeed broke the 3.30 resistance and that was the new support..

See what I mean below…

Clients were informed by WhatsApp too as seen below, first target was to 3.50..

Over the past few weeks, we started to see some profit taking at 3.40 where sellers were quick to defend that higher resistance..

It was pretty much back to some consolidation from 3.30 to 3.40 for about 2 weeks…

But buyers were not letting go either. They were holding on firmly and coming out on dips to push price back above 3.30…

Target to the upside was reiterated with a potential break above the 3.40 level about 2 weeks back…

This was before any escalation of the Wuhan virus which has now affected the world and in global headlines..

Uptrend was still intact as seen  below. Target reiterated to 3.60 as seen below….

Over the past few days, we have seen the 3.40 resistance broke on more confirmed cases of the Wuhan virus in Singapore.

Today, a move above 3.50 psychological level seen also which can see more short term upside.

Uptrend looks intact with 3.50 support holding for now…

This counter can be a beneficiary to current situation as it is in the healthcare sector..

A snippet of what it does and why it is moving up despite the general market being weaker and instead selling off with STI down 83 points now…

“ParkwayLife REIT invests in real estate and real estate-related assets that are used primarily for healthcare and healthcare-related purposes, including hospitals, healthcare facilities, and real estate and real estate assets used for healthcare research, education, and the manufacturing or storage of drugs, medicine, and other healthcare goods and devices.”

Target reiterated upwards further as seen in updated chart below, still watching this counter for now closely and protecting profits while riding….

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