SGX is trading on the down trend but also forming a Symmetrical Triangle.
- Immediate Support is between $7.20 to $7.30.
- Immediate Resistance is about $7.40 (20D MA and 50D MA) followed by $7.50 which is also the triangle resistance.
- 200D MA is trending down.
- PE is 26.6 (3 years high) at the price of $7.35.
My view on SGX: Downside risk is higher than upside potential (capped at long term down trend resistances – the green line and 200D MA).