Suntec Reit could be forming a bullish divergence on the daily (need another day to confirm this). Will be looking to enter based on the 4hrly (bullish divergence there as well). Long as it starts going above 1.26 (with a stop just below 1.20) and looking to take short term profit around 1.40. (protect with trailing stops on the way up in case the market doesn't want to give that much profit!)
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
Juliac, what do u think of suntec R at 1.6 level ? Believe the resistance is at 1.75 ? Would like to hear ur view
Juliac
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@Declutter69, suntec's pre-crash high was 1.80 in early March. If I draw a fibonacci retracement from March's low @ 1.04 to it's high @ 1.80, Suntec hit into the 78.8% fib level @ 1.65 today and is now pulling back. It remains to be seen how deep this pullback will be (worst case could be around 1.50). As long as it stays above 1.50, then the chance to recover to 1.7 and eventually to 1.80 is possible.
Declutter69
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@Juliac, appreciate your advice . Have a great day ahead . Cheers .
Btw , did you have a chance to check out ComfortDelGro or Sembcorp. Would be great to hear your views .
Juliac
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@Declutter69, both would have been good for a short term bounce if you had caught near the recent low. SC was interesting as it was a double bottom @ 1.36 (the low in 2008 too). There is a trendline resistence coming up for SC @ 1.60-1.62, it it could surpass this then the ride back towards pre-crash level of 1.90 will have better chance. However I would not bang on it to recover beyond 1.90 unless there is some fundamental change in the company. ComfortDelgro rise looks more choppy at the moment.