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Monday, 18 May 2020

Singapore Airlines (SIA): 18 May 2020, Monday


Singapore Airlines (SIA):
18 May 2020, Monday
(Click on the Technical Chart Above to Expand)

Attached is the Technicals of Singapore Airlines (SIA), one of the top airlines in the world.
It gives a possible glimpse to the plight of all airlines in the world -- when the strongest in the world is in a bad state, the weak ones would be far worse. On 4th April 2020, when SIA was at $5.50 I had said that the stock was a straight sell as it was in an immensely high pressure selling zone. It is $3.90 now. However, the worst is not over yet. Based on technical price structure, the TP of the breakdown is $3.25 for consolidation. Consolidation means the market needs to decide at $3.25 if the situation clears from there. If yes, there will be a consolidation breakup for buying; if not, there will be a further consolidation breakdown for more down wave and selling. Conclusion: Blue words stated in T.A chart.

Bearish

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