Following up from our previous post (http://singaporehumblestock.com/2016/11/starhub/) we saw the climatic selling volume came in and was looking for an entry at 2.82. Starhub has risen to 2.95 our second target and now we could we looking at $3 or maybe even $3.05 to come. Hope you all managed to learn something from this.
Our telcos took a heavy beating recently when news our the 4th telco will be coming online next year.
Starhub after selling down on tuesday had an exceptionally high vol and selling didn’t continue today .Could it be a climatic sell and some rebound in sight? Well, resistance is at 2.82 and if that breaks possible to cover gap to 2.90 and maybe even to 2.95. Cut loss would be at 2.71 below the horizontal support.
With that we decided to cover the charts for our three local telcos.
First starting with M1
Of the three telcos we found this the most interesting. M1, instead of closing down today it actually closed above its opening price.WOW, that shows us some strength when its suppose to be down due to all the price wars which will potentially eat into the telco’s profit. From chart wise, M1 seems to suggest that there might be further upside, with it breaking its downtrend line but does face some resistance at 2.64 if it clears that we might see a nice upside to 2.74 first then 2.87 our cut loss will be at 2.50.
Next up, Starhub
It close down as expected and as u can see is ranging and sitting on its horizontal support of 3.35. If it goes below that we might see more downside to even 3.25 area. We are looking at more downside for Starhub
Last but not Least, Singtel
We can see that currently its touching its downtrend line and coming down and we do foresee more downside for Singtel to the horizontal support of 3.70 first then we will plan again.