Jardine C&C Ltd – Daily timeframe (Update from 14 May 2018)
*Entry Price: 33.21 Stop loss : 31.59 Take profit : 36.00
*Jardine C&C has already been added to the “Phillip 20 Portfolio“ since 14 May 2018
Current Sentiment: Bullish
Support 1: 32.57 Resistance 1: 35.30
Support 2: 31.60 Resistance 2: 36.00
The rebound came as expected after the last update with the bullish divergence but the bullish move was short-lived. The 20 and 60 day moving average continued to cap price, and the recent selloff has once again broke a new 52-week low at 32.28 on 20/06/18.
However, instead of seeing the bears holding on to their grounds, price recovered sharply on 20/06/18 and closed near the day’s high. As a result, a Bullish Engulfing Bar was formed signalling for a reversal higher. Moreover, the Bullish Engulfing Bar was also rejecting the 32.57 support area with increasing volume shows further sign of strength.
If this Bullish Engulfing Bar holds up, price might be forming a double bottom formation here with 32.28 being the base.
Expect a price to rebound higher next to test the 35.30 resistance area next followed by 36.00.
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