Singapore Airport Terminal Services (SATS) Ltd share price has been in a constant downtrend for the past few weeks. On a higher timeframe, the stock appears to be range bound between two major level which we will discuss in this article. The latest analysis reveals that the SATS Ltd stock still has more downside.
On Wednesday, Singapore stocks showed a negative sentiment as the benchmark Stratis Times Index (STI) fell 0.33%. The index closed after losing 10.53 points. SATS Ltd share price rose, but the candle again turned red as the sellers prevailed.
SATS Ltd To Face Tailwinds From Increase In Air Travel
As per the latest research report by the DBS Group analyst Jason Sum, the Singapore Airport Terminal Services (SATS) is likely to benefit from the recent recovery in global air travel. The ground handling and in-flight catering business of the firm may see strong growth this summer.
SATS Ltd share price has now had seven consecutive red days in a row. The shares opened higher today, but the price action turned red as the broader marker showed a negative sentiment. The stock might be due for a strong rebound in the coming weeks.
SATS Ltd Share Price May Tank Another 6%
The latest analysis of the SGX: S58 chart reveals that the shares have been trading within the S$2.35-S$3 trading range since October 2022. Currently, the shares are trading at S$2.49, and considering the downward momentum, a retest of the range lows at $S2.35 is quite likely.
SATS Ltd share price forecast will turn very bullish if the shares drop below $S2.35 support. This may tank the price to its 2011 lows which lies just below the $S2.00 level. However, there is a higher likelihood of a bounce from S$2.35.
I’ll keep sharing my updated outlook on SATS share price in my free Telegram group, which you are welcome to join.
