Jardine Cycle & Carriage (SGX: C07) bearish decline will resume after a period of consolidation based on the technicals:

1. Head and shoulder formation is a potential bearish continuation.
2. On the right shoulder, there appears to be a potential bearish flag formation, which signifies a strong bearish downside.
3. The right shoulder shows a multiple of candles rejecting 38.2% of the Fibonacci retracement level. Of which, the bearish pin bar and the evening star is the key prominent candlestick reversal pattern
4. Death cross is still valid as prices are 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