Silverlake has reflected a Bearish Reversal Candlestick Pattern (Shooting Star), with Friday confirming the imminent correction. At the current junction, it is likely to see Silverlake Axis test its major resistance turned support level at $0.625.
Do note that price support at $0.625 will still continue to maintain the mid term bullishness (uptrend) of the counter as a healthy correction is required for the sustainability of the steepness of this trend channel.
SG SESSION (2,800 Critical Support Level to be Re-tested)
The Straits Times Index (STI) ended the week with a magnificent gain of of +2.5% (+69.41 points), erasing all the losses over the earlier 5 weeks.
As the US market remained quiet over the months. the modest trading range ended spectacularly on Saturday morning with a loss of -2.5% in S&P 500. It is likely to see the STI gapping down at tomorrow’s opening session to discount the keen jerk effect, that has already reflected on Asian markets today (Nikkei, Shanghai and Hang Seng).
Sheng Siong has accurately retraced from its Bearish Reversal Candlestick Pattern (Shooting Star) since our previous update (http://singaporestockstrading.com/2016/08/24/sg-stocks-watch-sheng-siong/)
At the current junction, Sheng Siong is still respecting its long term uptrending channel as it continue to established a higher swing low at $1.02 with price recovery this week. However, the closing of its 3 Doji Candlestick Patterns with lacklustre movement is likely to imply a pause in its first round of distribution (supply), with likely resumption of supply for further profit taking.
Singtel has managed to continue its recovery from it’s pivot establishment since our last update (http://singaporestockstrading.com/2016/09/02/sg-stocks-watch-singtel/).
At the current junction, the closing of Doji Star Candlestick Patterns (low volume) implies a healthy pause in the current short term rally which coincide within the support zone of $4.06 – $3.97 levels. It is likely to see further upside strength for Singtel to retest its all time high nearing $4.28 immediate resistance level.
AIMSAMP Cap REIT (SGX:O5RU)
AIMSAMP Cap REIT is currently establishing a higher swing low (higher low), establishing a mid-term uptrend channel as confirmed by the Trender overlay. With majority of the SGX listed REITs at overbought level after an extended rally, AIMSAMP Cap REIT is likely to play catch up to minimize the currently divergence against the sector, offering an opportunity for short term traders and investors.
The immediate resistance to watch for is at $1.46 level, with support level to negate this mid term trend channel at $1.385.