SINGERBD

DECEMBER-15,2015

A TECHNICAL LOOK AT THE SINGERBD

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The price has reached a key long term technical area that should be watched carefully.

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Technical Position and Developments:
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The price is nearly extending the bullish trend towards the long term falling trend line.

The price nearly retesting the horizontal resistance at 169 followed by 173

The 200-day moving average coincides with the long term falling trend line resistance.

RSI enters overbought region

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What To Expect:



The bigger technical picture on the daily chart suggests that the SINGERBD is testing a key resistance area. There could be a potential for a move lower as long as the resistance area at 173 mentioned above is intact. The break below the support 158 mentioned in the chart give further confluence for the bearish scenario.



A break above 173 might signal a trend reversal. And further upside towards 183 as an initial target followed by 250...... ALLAH Vorosa

DECEMBER-30,2015

WATCH THIS LEVEL: SINGERBD DAILY