December 10, 2023

ST Engineering: Uptrend still intact for now, Price 3.75

Author: Trading Impossible | Joey Choy
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Over the past few weeks, we have seen some strength in ST Engineering with it breaking the 3.60 resistance that has held last year..

It was one of the few defensive counters which has been trying to push higher despite market weakness over the past few months..

Some profit taking was seen near 3.70 and after some consolidation, it attempted to push higher towards the next phase..

See upside targets that were drawn then..

First target has been hit and next target towards 3.85 as drawn previously may still be on tracked โ€ฆ

Have been trying to hold above the new 3.70 support over the past week and buyers still holding on..

Uptrend indicators taking shape finally after the consolidation for last year..

Can expect some profit taking to occur from 3.80 โ€“ 3.85 but more bullish actions above can see target revised higher furtherโ€ฆ

Letโ€™s see..

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