Mapletree Logistics Trust falls to the support of the triangle formation. Rejection or Breakout?
- Looking at the daily chart of Mapletree Logistics Trust, we can see that price has been in a downward trend channel within a major symmetrical triangle formation.
- Currently, price is testing the support of the symmetrical triangle at $1.92. If price was to close below that key level of $1.92, further downwards momentum could be seen. We can expect a continuation towards the 61.8% Fibonacci level at $1.84.
- However, if price rejects the support of the symmetrical triangle, we can expect price to continue consolidating within the triangle formation until a breakout occurs out of then $1.92 – $2.04 range.
- A break towards the upside of the channel and triangle will serve as an indication that the momentum has shifted and is poised to the upside. We can then expect price to extend towards the $2.20 level.
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