Suntec REIT has tempted to clear the 200D SMA resistance but failed miserably. Now the bear is in charged and throw Suntec REIT to bearish territory supported by a spike in selling volume. Beware of further sell down!
** Can you see a Elliott Wave on Suntec REIT?
I had shared this Suntec REIT chart in my previous REIT class and warned everyone to watch this 200D SMA resistance closely. Hopefully my students cut loss or take profit when the stock price goes below the 200D SMA. It is currently close to 10% drop in less than 1 month. This is also a very good lesson learnt the importance of understanding technical analysis, be discipline and follow trading rules.
This is a classic example that cheap stock price can go even cheaper although Suntec REIT is undervalue base on NAV and have a decent distribution yield.
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