Singapore REITs market closed below 800 again this week; bearishness remains.
Technically speaking
- $FTSE ST Real Estate Investment Trusts(FSTAS8670.IN) closed again below the critical 800 support level with a ‘gravestone doji’ candle on weekly chart; a sign of bearishness. This is the 2nd week it closed below 800.
- On daily chart, the price action continues to drift sideways.
- If price breaks below the low of the recent weekly ‘hammer’ next week, that’ll set a tone for more downside to come.
- Next support at 770, 740, and alas, 700 support levels.
- Trend remains bearish.
Possible action
- Tighten stops to protect profits for existing positions.
- Prepare shopping list should the drop happens; Use https://app.yieldsavvy.com to identify the stronger REITs.
Week closing 8 Jun 2018
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