Singapore Telecom (SingTel): Break Neckline of Head and Shoulders Pattern

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Singapore Telecom (SingTel) broke the Neckline of a complicated Head and Shoulders Pattern at $3.04. The price target of this breakdown is at least $2.875 or below. Take note that SingTel has started the down trend as the stock is currently trading below 20D, 50D and 200D MA. Singtel has also broken the 61.8% Fibonacci Support at about $3.00. Bear is clearly in charge in this SingTel stock chart for the time being.

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Straits Time Index (STI): Keep A Big Eye on The Support!

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Straits Time Index (STI) is just trading above a critical support at about 3,042.

Things to watch:

  1. If this previous resistance level (3,042 which is also the 200D MA support) cannot turned into support, STI will start the down trend and head towards at least the 2914 level (78.6% Fibonacci Support).
  2. Another important level to watch is 3,122 resistance which is also the neckline of the complicated Head and Shoulders pattern. If STI cannot break this resistance and bounces down, the chances of breaking the 200D MA support is extremely high.

One thing for sure base on the chart pattern, Bull is still enjoying the Chinese New Year and not back to work yet!

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Can OLAM Hold Above 200D MA?

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Olam has finally broken down from the $3.05 support and currently testing the 200D MA support (which is close to 61.8% FR Level). If Olam is unable to hold above this 200D support, Olam will start a down trend. At the moment, upside potential may be limited as $3.05 is the immediate resistance.

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