Technical Pulse: Samudera Shipping Line Ltd September 12, 2022 702


Samudera Shipping Line Ltd (SGX: S56) Price is likely to head lower after hitting the downtrend channel resistance as:   


  1. The combined formation of a dark cloud cover and hanging man candlestick pattern on 8 & 9 September at the confluence of downtrend channel resistance and 61.8% Fibonacci retracement level resistance at 1.10 provides a bearish signal.
  2. The Moving Average Convergence Divergence (MACD) technical indicator also points towards a bearish downside as it is displaying weak momentum with the formation of a lower high.
  3. Price could reach support zone 1 at 0.940-0.980 with the ichimoku cloud providing support before heading towards support zone 2 at 0.870-0.900 thereafter, with the previous horizontal resistance level 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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