Ascendas Reit rally slips after breakthrough

ASCENDAS Reit has risen steadily year after year since the recovery in 2009, post financial crisis.

Although share prices have been performing well, the ascent has lost some momentum recently. There was a breakthrough in March 2019 when the share price broke through the 2018 high. But the bullish rally was halted when it hit 3.06 and swiftly corrected to below the 3.00 psychological level.

With regard to our technical outlook, in the classic triangle wave pattern, each wave is represented by 3 sub corrective waves and based on the current analysis, the market has just arrived at point (d), with a possibility of a downward 3 wave corrective pattern.