Singapore Exchange (SGX): Bearish Long Term Outlook

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SGX is still trading within a long term Broaden Descending Wedge (Green). In a medium term, SGX has formed a Descending Triangle (Blue) in 3 months.  Currently SGX is testing the Descending Triangle’s resistance (at about $7.596) but this resistance is quite challenging to be broken as it is also combination of 20D MA, 50D MA and 23.6% Fibonacci Retracement Level). Also take note that “Lower High, Lower Low” pattern have been formed on the chart and SGX looks bearish in the long term. Upside potential is capped at about $7.85 which is also the 200D MA. 200D MA line has also started the down trend and that is another reason to be concerned. My price target for the breakdown remain to be the same, which is $6.30 or lower for the time being.

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Technics Oil and Gas: Reached the Price Target

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If you have missed the boat of this stock breakout, it is too late to chase the stock now. Technics Oil and Gas has reached the minimum target price of $0.63 since the breakout from the falling wedge. See Previous Analysis.

The stock price was very bullish and continued the uptrend to reach 138.2% Fibonacci Retracement Level and started the reversal.  The upside is very limited as for now as this stock probably will drop back to the Fibonacci Retracement Level at either $0.687 or $0.615 for consolidation before start the next move.

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