Technical Pulse: Raffles Medical Group Ltd September 5, 2022 421


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.




Red box = Resistance zone

Green box = Support zone

Blue line = Conversion line


Red line = Base line


Green area = Ichimoku cloud

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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