SMRT Singapore Stock analysis
*Disclaimer: I am not vested in this stock
6 Dec 2015
Quite unexpected for a strong bullish move for SMRT. There were clues though the downside wasn’t going as strong as expected, (posted on 29 Nov below) but I was not expecting such a strong upside breakout
29 Nov 2015
SMRT still on track for more downside to 1.36. Reasons are still same as below. However, the down move is not as strong as I initially expected. Don’t think it will go any lower than 1.36
15 Nov 2015
SMRT (SGX – Singapore stock) looks good for a short. Few reasons why:
1. SMRT retraced 61.8% of recent wave.
2. Trendline break. Bull flag breakout earlier (21 Oct 2015) also shows that the major part of up move is likely over.
3. Weekly chart – price at 24 SMA (Green MA), an area where price usually reverses.
Initial targets are 1.365 & 1.32, which are the 38.2% and 50% retracement of this up move. Will need to monitor next week’s price action to get a clearer idea of the exact target. Will update this page next week.