Singapore REITs market aimed for 800 support level this week; lower high pattern formed on the weekly chart.
- $FTSE ST Real Estate Investment Trusts(FSTAS8670.IN) closed the week at 802.01 with a pretty bearish weekly candle.
- The bulls put up a good fight before Singapore National Day but the bears took it all back on Friday.
- We now have a Lower High and Lower Low pattern on the weekly chart; a downtrend pattern has formed.
- If 800 support level breaks, next support at 770. These levels were drawn on our charts since many weeks ago.
- With S&P 500 gapped down on Friday due mainly to Turkey/EU concerns, I suspect it might look ugly in Singapore markets on Monday. Dare to buy the dips? 🙂
- Aggressive REITs investors might want to wait for the new weekly low to be formed before shopping. But be prepared for volatility mainly cause by trade war concerns, and now the Turkey/EU concerns too.
- Tighten stops to protect profits for existing positions.
- Prepare shopping list; Use https://app.yieldsavvy.com to identify the stronger REITs.
Week closing 10 Aug 2018
Top Gainers (Week closing 10 Aug 2018)
Top Losers (Week closing 10 Aug 2018)
Want a comparison list of Singapore High-Yield REITs? Get it here.