Singtel Gaining Strength
Singtel has been on Mark Down since July 2017 and frequently used as a downtrend example during my Technical Analysis workshops or seminar.
However, five trading days ago, Singtel broke out from its multi months downtrend line declassifying itself as a marking down (downtrend) stock.
Its bullish for a weak stock to exit its downtrend especially with all the negative news surrounding it such as downgrades and outlook cut by rating agencies, S&P and Moody's.
We have a bullish bias on Singtel with 1st TP at S$3.20 and 2nd TP at S$3.37.
We alerted our community this morning at S$3.11, currently Singtel is trading at S$3.17.