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alanyeoinvest
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31-May-2021 02:41
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https://alanyeoinvest.com/2021/05/30/trading-buy-or-investing-in-ascott-residence-trust-30-may-2021/
Technical Analysis Price bounced off Fibonacci retracement level at $0.9576 (38.2%) beautifully in the last two sessions. Interestingly the price action saw some form of panic selling earlier last week, breaking below the 200 days MA which in my opinion is not justified. The selling was probably caused by Singapore entering phase 2 (Heightened alert) announced on the 14th of May. It has attempted a rebound following that day but to no avail. MACD is attempting a positive crossover from below the baseline which is bullish. The current level of the MACD was seen three times since the covid crisis happened and for all three of them, lows were established and rebounded subsequently. RSI is currently attempting to break out of the last downtrend. Interesting observation from the last three lows established was the fact that the RSI first hit the low before the MACD though both indicators are laggard indicators. Price should rebound back above $1 in the near term and test the resistance at $1.0459 (50% retracement level) and the next level to watch is $1.1342 (61.8% retracement level). Please refer to the above link for the chart and also some analysis on its price going forward. |
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