SATS Ltd.'s share price may pull back further, based on technical charts, Phillip Securities Research's Zane Aw says in commentary.

The share price has formed a head-and-shoulders pattern with neckline support at S$3.55, which signals a potential reversal to a bearish trend from a bullish one, the analyst says.

The moving average convergence divergence indicator also supports this bearish view, with falling momentum since September 2024 and presently staying below the zero line, the analyst says.

Following breakdown below the S$3.55 neckline, the share price is expected to pull back further to S$3.31, the analyst adds. Shares are 0.3% higher at S$3.53.