Chart Source: Poemsview 12th Aug 2020
Let’s take a look at SATS, part of the STI component stock. It has once again caught our attention as it has form a small base and started to climb up. The hospitality and aviation sector as we all know it is the weakest of all sector currently. So these plays are more suited for a rebound until a credible vaccine is found.
It tried to cross that downtrend line yesterday but failed to do so. Today it tried once again and it managed to cross and stay above the downtrend line. SATS also managed to stay above its 20ema another interesting point to take note.
The next resistance might be at the 50ema at around $2.90 first. From the chart we can see that the 50ema acts as a strong resistance and if SATS can break above this we might see some good upside.
Let’s keep watching it.