Technical Pulse: Keppel Corp Ltd June 10, 2019

*This is an updated report from 17th May 2019

Support 1: 6.98                       Resistance 1: 5.89

                                                   Resistance 2: 5.66

Our initial buy call on Keppel Corp has swung into a loss since the stock broke below 6.00. At this current juncture, our trading stance is in shorting the stock, due to the technical factors below. The stock will most likely head for a slight rebound till 6.19 and then face further correction.

  • Prices have broken the uptrend line, and base on the previous report, the continuation of trending below the uptrend line will see a significant downward trend in action.
  • Strong selling is further echoed when the stock breaks the 6.00 psychological level.
  • Despite a small bull rise, the candle displayed on Friday isn’t a robust bullish candle but a candle with inverted wick equal to its body. This means that the bear is still lurking around. 

 

CHART LEGENDS

Red line = 200 period moving average

Blue line = 50 period moving average

Green line  = 22 period moving average

 

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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