Potential trade brewing in Singtel | Michael Gable | Finance News Network

Potential trade brewing in Singtel

by Michael Gable

SGT is showing a similar chart pattern to PPT which has recently broken out and already started rallying. That is, after bouncing sharply from a recent low on good volume, it is now just congesting back on next to no volume. This suggests that at some point it could break out to the upside and then recommence the move up to retest it’s recent high – just as PPT now appears to be doing. It is still early to jump on board yet, hence my “neutral” recommendation, but traders need to keep an eye on it day by day. If we get a move up out of the top of the blue diagonal line on decent volume, then traders can follow it.

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