SGX

Commentary:

After numerous attempt (5 times), 52 wks resistance line remains intact. The longer the timeframe, the greater the number of times it is tested, consequently, the more reliable the trendline is.

Short-term wise, recent uptrend price channel was broken down and conincidentally, this uptrend ends right at the 52 wk resistance line as well.

Strategy:

Aggressive short-term traders can consider short-position with immediate price target near tentative support line of around $4.40. Nevertheless, the low vol on recent short-term rally points to weakness and tentative support line is thus not expected to hold for long. A convincing break of price action above the 52 wks resistance line is required before traders can consider going long. One positive confirmation signal to look out for is if MA5 trends above MA20.