SGX (technical)

SGX: technicals; An ascending triangle formation indicating accumulation is emerging on the Counter, which could signal further upside ahead. Support of $7.67 at the 20 MA, and resistance at $7.70. A breakout above $7.70 would see the Stock be supported at that level, and the uptrend to continue. On the fundamentals that was highlighted- after its good set of results released recently, an estimated 20 to 30 companies are expected to launch their IPOs in SGX in 2013, with each of these companies having an overall market cap of at least $500m- bringing the potential raising of $10-15b in proceeds. Analysts on the Street have also been revising 2013/2014 earnings upwards in the past 4 weeks.