Jardine Cycle & Carriage (SGX: C07) The second wave of the downtrend has been going on since prices broke support level at $28.69 on 28 Feb 2020. The stock will be heading for another round of sell down after it broke out of the rising wedge formation on 27th April 2020, signalling a continuation of the downtrend. However, the stock’s selling momentum began to take a breather when the prices started going into a range-bound movement entering May. Based on the technicals, the stock is heading for a rebound before resuming its sell-off:
*Timeline of the trade should be between 1-3 weeks from the date issued.
*The stock is still on a major downtrend and the buy call is to take advantage of the corrective nature of.
* Should price breaks below the 61.8% Fibonacci level, the next support $18.21
Red dotted line = Upper Bollinger Bands
Blue dotted line = Middle Bollinger bands
Green dotted line = Lower Bollinger Bands
Standard Deviation = 2
Periods = 21
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