Fish-eye view of Singapore city skyline at sunset.
Singtel (SGX: Z74) share price has been trading sideways since the start of 2023. Singapore equities have underperformed Western stocks this year. The benchmark STI index is currently 2.38% down this year. Singtel shares are also down 2.45% from its yearly open and 4.24% down from its yearly high.
On Thursday, STI index turned green after days of negative sentiment. The benchmark index tracking the top 30 companies in Singapore closed the day after rising 0.24%. The shares of Singapore Telecommunications Limited (Singtel) also extended their weekly gains and were up 0.40%.
According to the most recent Singtel news, its Australian unit, known as Singtel Optus, has priced HK$ 1.4 billion worth of fixed-rate bonds. The 10-year bonds will be due in 2033. As per this week’s filing, the bonds will be issued on June 7 and will carry a coupon of 4.635% per annum.
Earlier, Singtel share price fell as its fourth-quarter results missed analyst estimates. The shares have had a strong bounce this week. The latest analysis reveals that more downside is likely if the price dips below May 2023 lows.
On a higher timeframe, SGX: Z74 chart depicts a prolonged sideways accumulation inside the S$2.2-2.85 trading range. The bottom and the top of this range have acted as strong demand and supply zones, respectively. However, on the daily timeframe, S$2.44 appears to be strong support.
After a bounce from this level in April, it was retested in May 2023 once again. The corresponding bounce has sent the shares close to the 200 MA, which lies at S$2.55 on the daily chart. Singtel share price forecast can flip very bullish if the stock gains strength above the yearly high of $2.61.
I’ll keep sharing my updated outlook on Singtel shares in my free Telegram group, which you’re welcome to join.
This post was last modified on Jun 02, 2023, 19:18 BST 19:18