A reader saw my technical analysis (TA) for ComfortDelgro and asked if I did the same for SingTel?
Translated:
"Please share your TA for SingTel."
OK, I don't do TA on request anymore but since I am in the process of building a larger stake in SingTel, here is a quick TA on SingTel:
There is no accounting for prices and Mr. Market does not care what we think.
If I were in their shoes, I would ask if I did not buy at those higher prices, would I be buying now?
This question will probably yield a more rational answer.
Well, it has always worked for me.
It is quite clear to me that there is support at $3.58 a share but it is not a strong support per se.
These supports might or might not be tested but if the downtrend should persist, these are the prices which could see me accumulating.
In terms of momentum oscillators, both MFI and CMF are pretty benign which suggests to me that the bears might lack the strength to push the price much lower although the huge gap down in price is bearish and that is what the MACD reflects.
Although I believe that investing in SingTel at $3.58 provides value for money and that money isn't flowing rapidly out of the stock, it might not be a good idea to throw in everything including the kitchen sink at this point either.
I anyhow talk to myself only. I blur.
Related post:
Technical analysis of ComfortDelgro.