After breaking the 4.12 neckline on 24 jul, Sembcorp Marine went on to break the uptrend support (low blue) and downtrend support (low red) today. Sembcorp Marine also tested the 4.00 support (blue ...) and came close to testing the long term downtrend support (low pink).
As mentioned on 11 jul, we could see Sembcorp Marine weakening further once the 4.12 neckline is broken. However, Sembcorp Marine started off today below the 2 supports (low blue, low red) and finished on a high, albeit still below the uptrend support (low blue).
Therefore, we may not see Sembcorp breaking the 4.00 support (blue ...) as yet, and would most likely see it trading sideways between the 4.00 support and 4.12 neckline (green --).
However, the probability of Sembcorp Marine breaking the 4.00 support increases each time it tests the 4.00 support. Likewise, for breaking out, if it continues to test the 4.12 neckline (green --).
For monday :
Support @ 4.03 (low red), 4.00 (blue ...), 3.96 (low pink), 3.94 (pink --), 3.86 (green ...)
Resistance @ 4.097 (low blue), 4.12 (green --), 4.18 (pink ...), 4.20 (upp red), 4.22 (red --)
Saturday, July 26, 2008
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