SGX has fallen below the 3 Moving Averages again and continues its down trend. SGX is currently heading towards the 61.8% Fibonacci Support at about $7.70. SGX may rebound from this support before continues the down trend to test the support at $7.20. Keep a close watch on this $7.70 support level before taking any entry.
Singapore Stock Exchange (SGX) has been on the down trend after breaking the 200D MA support. When will SGX stop the free falling? Next two supports to watch at $7.20 and the 50% Fibonacci Support at $6.915. Expect a rebound at this 50% FR Level but need to see whether the free fall will stop here.
Singapore Exchange (SGX) has reached the price target of $9.20 after breaking out from the Falling Wedge pattern. A Bearish Engulfing candlestick patterns, which is a reversal pattern, was observed at about $10.00 (52 weeks high level).
Current PE of SGX is 31.77 which is considered over value.
Current Stock Price = $9.54
Technically and Fundamentally, SGX does not have enough strength to continue the bull run. A Trend Reversal is inevitable. Next crucial support at $8.805 (78.6% Fibonacci Retracement Level), followed by $7.718 (61.8% Fibonacci Retracement Level).