Technical Analysis: Sembcorp Ind Limited October 13, 2016 15

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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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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