Ascendas REIT (SGX: A17U) is still on a downtrend. With the descending triangle in action, the threat of breaking below the support zone at $2.83 remains a threat. However, recent technicals indicate that the REIT is likely to break above the upper boundary trendline of the descending triangle:
1. Zooming in and focusing on 9th June 2021 onwards, there have been increasing bullish momentum within the tight range especially after 21st June 2021. Yesterday, the morning star formation has officially closed above the 22-day moving average, indicating a possible break to the upside of resistance zone 1.
2. The resistance zone one was formally a bearish gap down but it was tested multiple times after the 9th of June, thereby weakening the resistance zone.