Some upward parallel channels

Hello all,

Hope you guys are having a good weekend. After scanning some charts, I found quite a few parallel channels in several counters.

First up, we have MapletreeLog, M44U.SI. I have a channel drawn from late 2009, so this is quite a large channel that Mapletree has been in. Not many chartists will consider this a channel, and that is fine, since technical analysis is an art not a science. Ideally, we would want to see clear zig-zag price movement, with many touches on the top and bottom of the channel. But, I will consider a steady upward movement as good enough for a parallel channel to be drawn. I have included a fibonacci retracement studies, taking the all-time high and post-crash lows into consideration. Recently, Mapletree has gotten over the 50% level, after being rejected once. For now, that will be the nearest support level, followed by the bottom of the parallel channel. Markets may continue to consolidate in the week ahead, after 1-2 weeks of strong upward movement. I will look for Mapletree to sit n this 90 cents region. But ultimately, I have a target for Mapletree – coming in at $1.00. This is the 61.8% level, and also where the top f the channel comes in at.

Next up, Mercator, EE6.SI.

I have a small upward parallel channel drawn, and price is hovering near the bottom now. Mercator has not been doing quite well over the last year and a half, but this pattern that it is in may signal a mid-term reversal. The crossover of the 50-day MA over the 200-day MA is a bullish sign, but if the 200-day MA is going to continue heading south, it will be hard for me tob bullish on Mercator. The bottom of the channel to the top has a 10% gap, which would be a nice figure for a short-term trade. Of course, please do not trade solely based on my recommendation. Do your homework first and see if your analysis agrees with mine. The bad point on this chart is the general downtrend that Mercator has been in for more than a year. I have drawn a channel in red, but I do not see it as a valid downward parallel channel. I just wanted to highlight the general trend. So I will see how Mercator reacts if it does trade up to the top of its upward parallel channel.

Finally, I have MacqIntInfra, M41.SI. I have a large upward parallel channel to show the bullish movement of M41.SI’s price over the last 2 years. The 200-day MA is just about hugging on to the bottom of the parallel channel. I am going to be a mid-term bull on MacqIntInfra because of the strong upward channel. My target would be $0.70, and I would expect M41.SI to hit it come end of the year.

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