Stock Analysis: Singtel (SGX: Z74)
1. Trend Analysis
- Current Trend: The stock is in a strong uptrend, evidenced by a series of higher highs (HHs) and higher lows (HLs).
- Recent Higher Highs & Higher Lows:
- Higher Highs: 3.11 → 3.26 → 3.41
- Higher Lows: 2.90 → 3.00 → 3.04
- Trend Weakness?
- No significant signs of trend weakening yet, but smaller trend bars near 3.35-3.40 suggest possible resistance.
- Some overlapping bars indicate consolidation near this level.
2. Key Price Action Signals
- Strong Trend Bars:
- Large bullish bars in November 2023 – February 2024 showed strong momentum, with follow-through confirming trend continuation.
- Reversal Bars:
- 3.41 area shows rejection wicks, indicating sellers stepping in at resistance.
- Prior engulfing bullish bars at 2.80, 3.00, and 3.12 confirmed support zones.
- Inside Bars & Doji Candles:
- Near 3.12-3.26: Multiple inside bars signaling consolidation before breaking out.
- A doji near 3.26 suggests temporary indecision before continuation.
3. Support & Resistance Levels
- Major Support:
- 2.80: Former resistance turned into strong support.
- 3.00 – 3.04: Multiple reactions confirming demand zone.
- Major Resistance:
- 3.41: Recent rejection suggests a strong resistance zone.
- 3.35-3.40: Overlapping candles indicate selling pressure.
4. Breakout & Pullback Analysis
- Breakout Strength:
- The breakout above 3.12 was strong with volume, confirming uptrend continuation.
- However, the 3.35-3.40 zone is showing hesitation.
- Pullback Formation:
- 2.90 → 3.00 pullback was shallow, showing strength in buyers.
- Recent candles show a minor pullback at 3.36, possibly forming a bull flag.
5. Market Context & Trading Bias
- Current Market Context:
- Trending market with minor consolidation.
- Bulls are in control, but resistance at 3.40-3.41 needs a strong breakout for further upside.
- Potential Trend Change Signals:
- If price fails to break 3.41 and forms a double top, a pullback to 3.12-3.20 could happen.
- A strong breakout above 3.41 could lead to new highs.
- Trader Psychology:
- Greed: Bulls buying dips near 3.00-3.12 as they expect further upside.
- Indecision: Recent overlapping bars at 3.35-3.40 indicate hesitation.
Final Takeaway:
- Bullish above 3.12
- Needs breakout above 3.41 for higher prices
- If rejection at 3.41 holds, expect a pullback to 3.12-3.20
Disclaimer:Please note that this analysis is for educational purposes only and should not be taken as investment advice. Trading involves significant risk, and you should consult with a financial advisor before making any decisions.
Dividend: 4.91%
No comments:
Post a Comment