Technical Pulse: Samudera Shipping Line Ltd September 12, 2022 123

 

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.

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

Blue line = Conversion line

 

Red line = Base line

 

Green area = Ichimoku cloud

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

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).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!