Singtel has breached below $3.50 on increased volume last Fri. This is significant as it has not closed below $3.50 since 4 Feb 2016. Volume has picked up significantly with the drop. Will Singtel go lower?
Singtel’s chart analysis
Singtel has breached below its trading range $3.57 – 3.65 established between 18 Dec 2017 – 30 Jan 2018 on 31 Jan 2018. Volume has accompanied the fall by surging for the past four days and the volume of shares transacted for the past three days hit a daily volume of 49 – 51m shares per day. This is the highest daily volume transacted for the past eight months.
The break at $3.57 points to a measured technical target of $3.48 which should be easily attained. Indicators such as OBV is at a three-year low. Amid negatively placed directional indicators, ADX has …