Keppel Corp (SGX: BN4) initial strong bearish sentiment on 5th October will likely take a backseat as the selling momentum seems to be halting. Price action indicate that the sell-off did not materialise after the strong marobozu and instead prices consolidated. As such, the bullish upside may come earlier than expected based on the technical.
*Timeline of the trade is 4 weeks from the date issued.
*The trend is still on the downtrend based on the Kumo cloud.
*Keppel need to break the immediate resistance level at $4.58 to confirm the upside in the short term
*Should prices reverse, the next lower support zone will be the next rebound zone as highlighted on our 5th October report
Ichimoku Kinko Hyo
Red dotted line = 9 Periods Tenkan-Sen
Blue dotted line = 26 periods Kijun-Sen
Purple Line A= 26 periods Senkou Span A
Purple Line B = 52 periods Senkou Span B plotted 26 periods ahead
Green line = 26 periods Chikou Span. Lagging line