With the Dow Jones Futures Index down 500 points and STI falling by 23 points.
SunPower showed signs of bullish divergence with unusual volume today.
First resistance: 0.62
Second resistance: 0.635
Beyond 2.70 the next key supports are: 2.59 and 2.42.
Stop loss: 3.20
Key Resistance level: 3.163
An announcement was made today that Singapore and Hong Kong will create a travel bubble that exempts people from both cities from quarantine, an agreement that will re-open links between Asia’s two premier financial hubs. Since June 9 travel agreements have been signed to established Green Lanes with China South Korea., Japan , Indonesia and Brunei.
I expect more approval to come. SIA recently introduced cruise to nowhere in flight dining saw huge demands and all these packages will benefit SATS Arrivals at airports rose from 750 in April to 8912, no much to shout about compared to pre-covid numbers but certainly a positive development.
Opening-up is particularly important for Singapore to help reboot its economy and the aviation industries as Singapore relies heavily on international connectivity.
On the chart SATS currently trades above their 50-MA level. Immediate support at 2.95 and 2.85 with overhead resistance at 3.15 and 3.28
