Singapore Telecom (SingTel): Break Neckline of Head and Shoulders Pattern

Singapore Telecom (SingTel) broke theĀ Neckline of a complicated Head and Shoulders Pattern at $3.04. The price target of this breakdown is at least $2.875 or below. Take note that SingTel has started the down trend as the stock is currently trading below 20D, 50D and 200D MA. Singtel has also broken the 61.8% Fibonacci Support at about $3.00. Bear is clearly in charge in this SingTel stock chart for the time being.

This Post Has 5 Comments

  1. Marubozu

    More or less agree that we can take a look on SingTel again when the stock reaches $2.80. More importantly is not to enter the stock while it is on down trend. We can pick up cheaper at later stage.

  2. Drizzt

    i think perhaps thats where we differ cause for such a stock that trades within a price range and recession resistent we should pick it up here and there. 2.50 will be good because the yield will be around 6%

  3. Marubozu

    I am eyeing at $2.50! šŸ˜€

  4. Drizzt

    lets hope it really hits that amount!

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