Genting Singapore is currently forming A Symmetrial Triangle. Price target is $1.60 (close to 200D MA support) if Genting Singapore breaks down from this triangle. Current $2.00 is a support to watch!
SATS has broken from the neckline support & 200D MA support today after forming a multiple tops with increase in selling trading volume. This is a bearish chart pattern and this breakdown may bring SATS to $2.57.
Important things to watch:
In summary, the current SATS charts look bearish, and downside risk is much higher than upside potential. $2.97 is a very tough resistance to break as SATS has failed the past 5 times.
SATS is at fair value. This correction may be good for those who want to buy SATS at lower price to collect dividend.
Follow up from previous post of IndoAgri’s forming of Trend Reversal chart pattern (Rising Wedge).
IndoAgri may rebound at the 61.8% Fibonacci Support at about $2.545 before heading towards $2.30 or somewhere near 200D MA.
Where is the safe entry level? I will wait for IndoAgri to get near to the 200D MA and relook at the chart again. 200D MA is still on uptrend.