Wednesday, June 16, 2010

Singtel Technical Analysis 15th June 2010

I have sold Singtel some days back at $2.97.

Singtel went down to $2.88, after which rebounded to $3. I'm still waiting for a lower price to buy in, hopefully before the dividends of 8c.

According to my chart, Singtel is in a rising wedge with declining volume. With resistances by the 200 sma, 200 ema and 100 sma looming up, with the pattern of the bearish rising wedge, it does not seem to bode well for Singtel's price actions. Moreover, the 50 sma is coming into play to resist the price while the $3 psychological barrier seems a little formidable at the moment.

We have to note that the longer the prices stay below these critical moving averages, the lower these moving averages will get, and the more depressing these resistances will get.

I'm moderately hopeful I will be able to load back my 2 lots at around $2.80 soon.

Singtel, hope to see you there!

No comments:

Post a Comment

Please Comment >>