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Technical Analysis: 18 January 2022

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Singtel (ST SP)

  • Shares of Singtel have now firmly found support at the confluence of the critical 50% Fib of 2.41 and long-term trend line of 200d EMA of 2.42, while last Friday’s price action formed a bullish engulfing candle. 
  • MACD and RSI are on an uptrend, which may portend the potential start of a new uptrend move after completing a 3-wave correction in 4Q2021. 
  • Long – Entry 2.47, Target 2.59, Stop 2.41

ThaiBev (THBEV SP)

  • Shares are once again testing the key support of 0.635, which is at the 38.20% FIB. Likely to be supported at 0.635 given the double bottom previously. 
  • However, momentum indicators are mixed. RSI indicates oversold condition while MACD had a bearish crossover.  
  • Long Entry 0.64, Target 0.69, Stop 0.62

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Zoomlion Heavy Industry Science and Technology Co Ltd. (1151 HK)

  • Shares formed a bullish flag pattern. 
  • Both MACD and RSI are constructive. 
  • Long – Entry: 5.5, Target: 6.1, Stop: 5.2

Xinte Energy Co Ltd (1799 HK)

  • Shares gapped up and closed at above the 60dEMA. 
  • Both MACD and RSI show strong upward momentum. 
  • Long – Entry: 16.0, Target: 18, Stop: 15

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