Sembcorp Ind Ltd – Daily timeframe (Update from 23 Sept 2016)
Current Sentiment: Bearish
Support 1: 2.51 Resistance 1: 2.67
Support 2: 2.43 Resistance 2: 2.78
Price remains depressed here even after rebounding off the 2.51 support area mentioned in the last update.
The recent correction was firmly rejected by the 2.67 support turned resistance area on 06/10/16 where it subsequently became another lower high point. Furthermore, the bearish follow through resulted in price closing substantially below the 20 day moving average on 12/10/16 suggesting the move back into the long term downtrend.
Expect price to fall next to test the 2.51 support area followed by 2.43.
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