Today we saw the headline of the Public Transport Council granted Fare increase for SMRT and SBS transit, This maybe a bad news for most people who take public transport but it is definitely a good news to the share holder of SMRT as this means more revenue to the company!
Looking at the technical view on SMRT, we see that 1.65 is a strong resistance for the past 6 month, if price can stay above(now is already 1.66), this is a breakout above a sideway consolidation, which means a uptrend is possible in the coming few month. Our Supertrend system also show Green candle few days ago at 1.62, bullish trend is in play, previous successful bull trend was in 1.03 to 1.53.
However do take note if price fall back below 1.62, this means that the price is back to range bound trading.
