Jardine Strategic (SGX: Z25) technicals point to further downside risk:

1. The rising wedge has been tested. There is high likelihood the price will break the 30.47 support level.
2. The long legged doji on Thursday being invalidated by the bearish marubozu candle indicate a strong bearish presence.
3. The bearish marubozu candle rejects the gap zone and the Fibonacci retracement level of 50.0% indicate a strong selling presence at the zone.
4. Death cross is still valid and prices has been trending below the 200SMA, further confirming the downtrend.

*Timeline of the trade should be between 1-3 weeks from the date issued.

CHART LEGENDS

Red dotted line = 200 SMA

Blue dotted line = 50 SMA