Author: Trading Impossible | Joey Choy
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Just about 2 weeks back, we spotted some upwards reversal actions in this counter Singtel..
It has been consolidating below the 3.20 resistance since Oct last year however..
Over the past few months, we managed to see some bullish reversal patterns taking shape,
Something like an Inverse Head and Shoulder pattern…
And there were also some signs of an end to the downtrend with a potential reversal upwards from the trend indicators..
Hence, some upside targets were drawn with a potential move up in the short term when it approached the 3.20 cautiously 2 weeks back..
See what I mean.
Last week, finally the move came..
It broke the 3.20 resistance and buyers were ready to push it higher despite market weakness..
Targets were reiterated again towards 3.55..
Moving averages were looking at some bullish crossovers which can be the start of an uptrend playing out..
Today, we have even cleared above the temp 3.30 resistance..
And a pretty decent close at the day’s high.. Upside can still continue if we can hold above this level..
Will be watching to see if targets can be hit..
May start to see some profit taking along the way give the reversal we have seen from 3.00…
Trend indicators still looking positive for now… let’s see…
Singtel: Upside Reversal still playing out as per targets? Price 3.32