Singapore Airlines (SIA): Crash Landing Now!

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Singapore Airlines (SIA) has been in free fall mode after failing to break the 50D MA resistance thrice.  The 1st failure to break the 50D MA resistance has sounded the 1st alarm. See previous post HERE.

SIA is currently on the down trend as the stock price is trading below 20D, 50D and 200D MA. SIA also break the 78.6% Fibonnaci Retracement Support level ($14.59) and is now heading towards the 61.8% Fibonacci Retracement Level at about $13.21. No clear sign when this crash landing can stop for SIA for the time being but should be around the 61.8% FR level.

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Straits Asia Resources: Waiting for a Nice Rebound

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Straits Asia Resources has been in retracement mode back to the uptrend support level. This uptrend line proved to be a good support on the past 7 occasions. You can see SAR rebounds from this support line everytime the stock touches this uptrend support line. This support also coincides with the 78.6% Fibnonacci Retracement Level.  So, keep a close watch and  wait for a nice rebound.

If this rebound does happen, next resistance is $2.80.  If SAR still cannot clear this $2.80 resistance for the 3rd time, it may be time to get out of this stock because there may be a formation of Triple Tops or Head and Shoulder chart patterns. Either one of this pattern is a trend reversal pattern.

Previous Posts on Straits Asia Resources.

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