Technical Analysis 1. Large Pennant / Falling Wedge Pattern Brokeout and Retraced already 2. Large Head & Shoulders 3. Fibonacci Retracement at 0.786 ( Silver Zone) 4. Fibonacci Expansion Safe Take Profit Level 1 (Grey Zone) Also the length of Flagpole
Entry: Now Ready - 4.40 - 4.70 (The market could reach 4.40) 1st SAFE Partial Take Profit: 6.20
EXPECTED Take Profit in September - December
Trade active
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Do take note that based on news and the current situation in Singapore this Technical Analysis may not move in favor. However, as a pure TA trader I have opened my positions and will activate this trade.
I wanted to buy in when it was around $3 but I'm concern because this is an aviation stock... and it's a very competitive sector for sure. SIA itself if I'm not wrong, is burning through cash and is being supported by the Govt. Heard that flights are slowly being resumed but with new waves of COVID coming in, is it still safe to buy in this stock? Seems like it might plunge even more to below $3 (if i'm not wrong, this is around Jul 2020 period). Just want to understand how this correlates to TA. Thanks!
traderprosignals
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Hi @azhikai, true and due to the current measures the Singapore government is taking this may not be a very healthy trade. I would consider waiting a bit longer to see if the sector is highly affected or not. The main $ stream airlines have are actually logistics (import-export) besides passenger services so I believe due to the tightening measures we may see more movements in supply hence potentially bumping up prices in these areas. (just my assumptions)
RasmusSingapore
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@azhikai, I share your concerns - I was long until 5.5 and liquidated my position. Singapore is returning to phase 2 now and any kind of healthy resumption of air travel seems to be very far away right now...
traderprosignals
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Hey @RasmusSingapore, we do agree so what I would suggest is to watch on the sidelines for a bit before making any buy positions. I'll update the chart again as soon as I see some price movements
Mistyblu23
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Sia is doing surprisingly well!!! Hoping to hit your target!