For 3 weeks in a row, Singapore REITs market closed below 800; downtrend in place.
Technically speaking
- $FTSE ST Real Estate Investment Trusts(FSTAS8670.IN) closed the week below the critical 800 support level with a ‘Marubozu’ candle on weekly chart as well as on Thursday’s candle, coupled with very high volume on Thursday; a strong sign of bearishness. This is the 3nd consecutive week it closed below 800.
- The downtrend is now clearly in place on both the weekly and daily charts.
- Next support at 770, 740, and alas, 700 support levels.
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 15 Jun 2018
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