Semb Marine 270608

We did indeed see Sembcorp Marine breaking the 4.12 support (green --) at the beginning of the week. Sembcorp Marine even tested the downtrend support thrice, and the 4.00 support (blue ...) twice.

However, today we saw Sembcorp Marine finally gapping down to open below the 4.00 support. It even tested the long term downtrend support (low pink), and came very close to testing the 3.86 support (green ...) too.

As the day progressed, we saw Sembcorp Marine slowly recovering and continued buying momentum helped pushed the counter back above the 4.00 support (blue ...), briefly testing the long term downtrend resistance (mid pink).

If Sembcorp Marine opens above the 4.00 support (blue ...) on monday, and breaks the long term downtrend resistance (mid pink), we could see it testing the 4.12 resistance (green --) soon.

However, if Sembcorp Marine opens below the 4.00 support, and breaks the 3.86 support (green ...) we could see it continue to trade within the downtrend channel (red). If it holds above the uptrend support (low blue), we would probably see Sembcorp Marine trading sideways, with the upside limited by the 4.00 neckline (blue ...) and supported by the uptrend support (low blue).



For monday :

Support @ 4.00 (blue ...), 3.88 (low blue), 3.868 (low pink), 3.86 (green ...), 3.83 (low red)
Resistance @ 4.05 (upp red), 4.083 (mid pink), 4.12 (green --), 4.15 (mid blue), 4.22 (red --)

Hope you find my analysis helpful. Thank you !!