Singapore Stock Trading Insights | Joey Choy
Sembcorp Ind: Back to support again... Careful more bearish actions below 2.65
Just about 3 weeks back, we spotted some bearish price actions with Sembcorp Ind breaking the key 2.90 support level…There were also some signs of the downtrend taking shape…Hence some targets were drawn to ride any potential weakness…See what I mean…Over the past 2 weeks, the market has softened further and sellers indeed returned to take it lower…Seems like we have already hit the 2nd lower downside target over the past few days at about 2.65 as drawn…Would want to be careful of more selling pressure if 2.65 were to give way too… Where lower revised target may continue to play out also… probably to 2.45 – 2.50? We’ll see…So far some support above 2.65, and holding well…at least for now…. But cautious. Had a bearish signal on the system recently too..