TICKER CODE: Z74
Company Name: Singapore Telecommunications Limited
Industry: Telecom Services| Communication Services | Singapore
Position Proposed: BUY
1. Large Inverted Head & Shoulders (Forming)
2. Pennant Pattern (Broke out and Retraced)
3. Take Profit will be at Key structure level and 80% of Head & Shoulders Price Rane
Prices are approaching support in line with our ascending trend line and 61.8% retracement where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well in line with our bullish bias.
Midterm bullish on Singtel. Looks like an under and over on weekly. Reclaimed range low and it looks like it wants to tag range high.
Here are the bullish scenarios:
1) Tag and reclaim range high and move higher.
2) Tag range high, reject and range. (Most likely scenario)
There is a bearish scenario where price loses range low again and go lower. So far looks...
Bullish in the making.
price has to clear 2.46 in order to go up higher.
once break 2.46, good to look for long.
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Based On Technical Analysisi SINGTEL - Still in Bearish trend