Singapore Press Holdings has broken out of resistance at $1.80 on a Friday, which implies that traders (and investors) are comfortable holding on to the shares over a weekend. The 50-day moving average had turned up as the week starting July 19, 2021 got underway. Volume expanded but it does not match the sell-down that took place on May 5 this year, when 92 million shares changed hands.
On July 23, around 9 million shares changed hands. Average daily volume in the past three months stood at around 12 million, which is higher than the average daily volume of 11 million recorded for the three months to January 2021. Support is at $1.80, below which the breakout should have failed. The next resistance appears at $2.
