MAPLETREE COM TR breaks above its daily supertrend resistance of $2.13 since its correction from the 270121. The REITs sector had been doing pretty well till the pandemic correction since last feb 20 and has since resume a base building recovery.
Mapletree Com TR touched an all time high of $2.48 before a huge correction to touch $1.46 at the pandemic lows on 010420. The stock has been above the monthly long term ichimoku cloud since 2016. Despite the break in the monthly pivot at $1.85, price bounced just above the SSSB line on the cloud for less then a month and resumed its upward momentum. This maintains it longterm UPTREND intact.
With the bullish breakout in the short term, the next target will be back to its former highs with $2.67 pivot as its overhead resistance to resume it long term trajectory in the long term.
LONG TERM UPTREND since 010916
MEDIUM TERM UPTREND since 040121
SHORT TERM UPTREND since 010321
PIVOT $2.03
Long positions above 2.03 for 2.48 and 2.67
Short positions below 2.03 for 1.98 and 1.93
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