Today let's look at the counter SMRT. Fundamentally if you think about this business, this should be a no brainier winning counter given that most of us take MRT to work. Just look at the morning crowd everyday! Further, they have no other competitor in Singapore; a virtual monopoly if you removed the Public Transport Council that nags over their price hike.
Look at the chart formation. Price is undergoing a tight consolidation and today there is a bearish candle with above average volume to the downside. Remember, today is a sideways intraday market for STI. SMRT performance is below average. In other words, it is losing momentum.
Mid term price level stands at 1.85.
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