Stocks we like this week - In particular... SINGTEL

Daily Chart -[BULLISH ↗ **]MSFT has shaped a new all time high with strong bullish momentum. Price is expected to pause and hold above 430.15 support level before shaping a further bounce higher towards 484.00 resistance. Technical indicators are advocating for a bullish scenario as well.Alternatively: A daily candlestick close below 430.15 support will open a deeper pullback towards 413.00 support.

Daily Chart -[BEARISH ↘ **]NEE shaped a head and shoulders reversal pattern on the daily chart. A pullback to the neckline at 74.85 is expected before a drop towards 67.70 support level. Price is holding below 34 day EMA with MACD indicator showing a build up in bearish momentum.Alternatively: A daily candlestick close above 74.85 resistance will open further rise towards next resistance at 80.00.

Daily Chart -[BEARISH ↘ **]DUK shaped a double top reversal pattern. A pause below 102.36 resistance is expected before a fresh drop towards 96.60 support. Price is holding below 34 day EMA with MACD indicator showing a build up in bearish momentum.Alternatively: A daily candlestick close above 102.36 resistance will open further rise towards next resistance at 104.90.

Daily Chart -[BEARISH ↘ **]2020HK is shaping a series of lower highs and lower lows. A further drop below 82.75 resistance towards 64.90 support is expected. Technical indicators are advocating for a bearish scenario.Alternatively: A daily candlestick close above 82.75 resistance will invalidate bearish scenario and see a recovery towards 89.30 resistance next.

Weekly Chart -[BULLISH ↗ **]Singtel shaped a bullish exit of a multi-year consolidation range. As long as price is holding above 2.53 support, a further push higher towards resistance at 2.85 is expected. Technical indicators are advocating for a bullish scenario as well.Alternatively: A daily candlestick close below 2.53 support will open a drop towards the next support at 2.35.

Prepared by:

Isaac Lim CMT, CFTe
Chief Market Strategist

This report is provided for informational and general circulation purposes only and should not be construed as an offer, solicitation, or recommendation for the purchase or sale of securities, futures, or other investment products. It does not take into consideration any particular needs of any person. This advertisement has not been reviewed by the Monetary Authority of Singapore.