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Travel-related stocks SATS, SIA break out of key levels, taking STI to 5-month high

The Edge Singapore
The Edge Singapore 11/13/2020 08:36 PM GMT+08  • 2 min read
Travel-related stocks SATS, SIA break out of key levels, taking STI to 5-month high
SIA and SATS have broken above key levels including resistances and the top of their base formations, indicating upside targets
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Among the stocks that have moved above resistances and the 50- and 100-day moving averages is Singapore Airlines, which closed at $3.83, taking it above the top of a base area at $3.59 to $3.82. SIA rose to a high of $3.92 before easing. Ideally, support is at $3.82, implying that prices should push higher from current levels when trading resumes in the week of Nov 16-20. The break above $3.82 indicates an upside of $4.25.

SATS rose some 20 cents or 5.5% on lucky Friday 13. As such, prices may ease following such strong gains, in particular since stochastics is peaking at the top end of its range. Any retreat should find support at $3.28. This level represents a twice tested level that doubles up as the top of a base formation. The break above this level which took place on Nov 9, indicates an upside of $4.04.

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