Singtel

Investors of Singtel were largely taken by surprise in the leaving of long-serving CEO Lee Sien Yang. No reason was given in the resignation by the ceo. However, his departure could be seen as timely, in fact a tad bit long overdue, given that ever since Singapore Telecom, a national company then, was privatised into SingTel. Lee has been at the helms for 12 years and throughout these years, leadership renewal has happened every year across all levels of SingTel's management. (You dont see regular SingTel classified ads on saturdays for nothing.) Moreover, new leader could bring new perspectives to the company. Singtel has announced that it will embark on a capital reduction program where every 1 in 20 singtel shares will be cancelled and paid by singtel to shareholders at a price of 2.74. Now, i am no avid fan of fundamental analysis, in part bec my earlier losses in investing were all based on fundamental reports/analysis that has gone short of expectation, and also as emphasized in many of my posts, i believe fundamental news are released and used to support the technical movements of stocks which has already price in or unfolding what the news is about. If Singtel is going to pay 2.74 for every 1 share in 20 u hold, what happens when the date draws near on the closure of books for entitlement of the capital reduction?
Technically, Singtel's 61.8% retracement mark from its high of 2.79 and low of 2.35 is 2.52, It has already touch it intraday today. From here, 2.56 would be another resistance to break before it can move to the 2.74 mark. Note from the chart that it has broken the downward resistance trendline and rsi is showing gd strength from its recent rally at the 2.40s region. Gd support at 2.46 for any adverse down movement.