$SINGTEL(Z74.SI)$has pulled back to $2.59 (10% retracement) since hitting $2.88 high. The $2.80 region was also the previous pre-covid support region now turned resistance.

Note that the $2.59 region has been a strong resistance where Singtel spent 1.5 yrs within the sideways range. It has now turned support and likely to be further tested these 2 weeks. A break of $2.59 could see the next support at $2.52.

There was high volume on 31 May 2022 with 68mil shares transacted at closing. This is likely due to funds performing month end rebalancing and not due to bad news. 

Recent news on Singtel partnering Micron to deploy 5G mmWave solution and Redevelopment of Comcenter are positive although not immediately earnings accretive. 

Singtel has just released its earnings where 2HFY2022 net profit rose 5% yoy mainly due to Bharti's turnaround but lower Singapore,  Optus and other associates profits. Full year dividend is 9.3c (3.6% yield at $2.59). Research houses DBS and CIMB have target prices of $3.13 and $3.20 respectively.