Technical Pulse: Jardine Strategic Holdings Ltd January 22, 2020 372

 

Jardine Strategic (SGX: J37) bullish rebound is disappointing despite the price breakout of the falling wedge last October 2019. Based on the technicals, the stock will continue its bearish downside:

  1. Price has been testing the 38.2% Fibonacci retracement level thrice, which coincide with a major resistance level at 33.18. This signifies that the stock may form a potential triple top formation.
  2. Rising wedge formation represents a strong bearish correction.
  3. Dark cloud cover formation below the 38.2% retracement level is another indication a major reversal is approaching.
  4. Stochastic is shows an overbought cross.
  5. Death cross formation is still valid as prices are still trending below the 200 SMA.

 

*Timeline of the trade should be between 1-3 weeks from the date issued.

 

CHART LEGENDS

Blue dotted line = 50 Periods Moving Average

Red dotted line = 200 Periods Moving Average

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