April 12, 2024

SGX: Uptrend may still carry on despite recent rise. Price 8.52.

Author: Trading Impossible | Joey Choy
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Just last month, we saw some bullish actions with SGX attempting to break the key 8.10 resistance level..

It has been trading below since last year and sellers were just out there to take it lower,

But finally, it gave way

More importantly, there were some signs of the uptrend taking shape on this move hence,

Some targets were drawn as seen below..

Towards 8.50 resistance which was the previous high seen last year.. See what I mean..

Indeed, we traded higher and hit a road block at around 8.30 where we consolidated below for about 3 weeks…

There were still signs of the short term upside continuing as seen from the 20 day MA, pointing upwards firmly with price holding above..

And we were looking for that firm break above 8.30 with targets reiterated towards 8.50 again…

It was also still holding firmly above 8.10 new support despite market weakness and with profit taking..

Over the past 1 week, target at 8.50 has been hit and it broke through as well,

For now, seeing some heavy selling at 8.60 where it is taking a breather below..

Normal, given the spike we have seen over the past month…

For now, seeing some consolidation again from 8.40 to 8.60 where the upside push may not be over..

Would be looking for more bullish price actions above 8.60 where targets can be revised higher again as seen below..

Let’s see, watching for now as we consolidate… to 9.00 next as drawn below?

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