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
- Rolling PE = 33.87
- FY10 PE = 31.77
- FY09 PE = 33.27
- FY08 PE = 21.26
- FY07 PE = 24.11
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).