Semb Marine 080808

What a difference a week makes ! Last week, we were still analysing if Sembcorp Marine can test the 4.22 neckline (red --). This week, Sembcorp Marine capitulated and is currently trading near the 3.75 support (red ...), which is roughly the difference (4.73 - 4.22 = 0.51) taken from the 4.22 neckline.

I've indicated 3.75 as the support as most of the trades were done there based on the volume distribution bar. The next support will be taken from the 4.12 neckline (green --) which is (4.73 - 4.12 = 0.61). So we could be looking at 3.51 being the next support (pink ...).

If you look at Sembcorp Marine's past trading patterns, its sharp plunges are usually followed by equally sharp recoveries.



For monday :

Support @ 3.75 (red ...), 3.69 (low blue), 3.68 (low pink), 3.65 (low red)
Resistance @ 3.86 (green ...), 3.87 (mid red), 3.88 (upp blue), 3.90 (mid pink), 3.94 (pink --), 4.00 (blue ...)