Technical Pulse: Jardine Strategic Holdings Ltd February 18, 2020 341


*This report is an updated report from 10th Feb 2020.  

Jardine Strategic (SGX: Z25) technicals suggest that the stock has more downside risk despite the stock earlier got stopped out at 32.10 based on the report on 10th Feb 2020:

  1. The rising wedge has been tested and there is a strong possibility it might break the 30.57 support level.
  2. Last Friday’s candle got a strong false breakout of the gap zone. Furthermore, it forms a bearish shooting star/inverted hammer rejecting 50.0% and 61.8% of the Fibonacci level.
  3. The bearish candle on Monday confirms the shooting star and it forms an evening star below 50% signify a strong bearish conviction.
  4. Smaller rising wedge has formed and converged at the gap zone.
  5. Death cross is still valid and prices have been trending below the 200SMA, further confirming the downtrend.

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



Red dotted line = 200 SMA

Blue dotted line = 50 SMA

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