Raffles Medical Group Ltd (SGX: BSL) A potential bearish reversal to the downside as:   

1. The formation of a bearish harami candlestick pattern on 2 September at the confluence of 61.8% Fibonacci retracement level resistance and 1.40-1.43 resistance area provides a bearish signal.
2. Bearish divergence was also observed where price made a higher high at the resistance area while the Relative Strength Index (RSI) technical indicator made a lower high. This discrepancy points to a bearish downside as momentum is slowing despite the bullish price action.
3. Price could reach support zone 1 at 1.29-1.34 with the ichimoku base line providing support before heading towards support zone 2 at 1.20-1.23 thereafter with the ichimoku cloud providing support.

*Expected timeline of the trade is 13 weeks from the date of report issuance.

CHART LEGEND

Red box = Resistance zone

Green box = Support zone

Blue line = Conversion line

Red line = Base line

Green area = Ichimoku cloud