Jardine Cycle & Carriage (SGX: C07) bearish decline will resume after a period of consolidation based on the technicals:
- Head and shoulder formation is a potential bearish continuation.
- On the right shoulder, there appears to be a potential bearish flag formation, which signifies a strong bearish downside.
- 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
- 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
