Singapore Airlines (C6L) - Bullish Bias
SIA:SP (Weekly Chart) Bullish Bias towards S$11.65 SIA has been trading in a medium term range bound between S$9,43 and S$12.93. Price broke out from its May 17 - Jan 2018 consolidation (Accumulation phase?), a bullish Ascending Triangle like pattern . Using Fibonacci retracement tool, we project the 1st target price at S$11.65 with 2nd target price at S$12.50. Fundamentally, SIA is experiencing load factor improvements during the last few months 2017. Meanwhile, its related airlines Silkair and Scoot are both also seeing improving passenger carriage growth. As Asian and global economies continue to strengthen into 2018, SIA operating environment momentum looks set News Link: http://sbr.com.sg/aviation/news/sia-groups-passenger-load-factor-18ppt-847-in-december Key risk on the charts would point to the decreasing volume and a price break below S$10.33, will violate the above forecast.