SGX is trading on the down trend but also forming a Symmetrical Triangle.
My view on SGX: Downside risk is higher than upside potential (capped at long term down trend resistances – the green line and 200D MA).
Global Logistic Properties (GLP) may be forming Right Shoulder after the rebounding from the support with a Bullish Engulfing candlestick pattern. The stock is currently testing the resistance between $2.04 (20D MA) and $2.055 (50% Fibonacci Resistance). If GLP reverses from these two resistance, there is high possibility of forming a Head and Shoulder pattern.
Yangzijiang rebound strongly today after forming a Long Dawn Line candlestick pattern with a spike in buying volume. This is a trend reversal pattern after the recent down trend. However, YZJ must clear $1.38 (61.8% Fibonacci Resistance) and $1.45 (neckline support turned resistance) to break the down trend pattern.
Current YZJ valuation is not expensive and it is a good opportunity for short term trade to ride on the rebound.
