Looks like SGX is reversing the trend after breaking out from the down trend channel. If SGX is able to hold above the $6.66 support (also 20D SMA), this trend reversal (to up trend) is confirmed. Immediate resistance is at $6.80 which is also the 61.8% Fibonacci Retracement level. There is also a possibility of forming an Inverted Head & Shoulders with neckline at $6.80.
- Post author:Marubozu
- Post published:November 28, 2012
- Post category:Singapore Exchange (SGX)
- Post comments:0 Comments