Semb Marine 080908

After flirting with the 3.75 neckline (red ...) for the most part of aug, Sembcorp Marine finally gave way on 3 sep. We even saw Sembcorp Marine gapping down below the 1st long term downtrend support (mid pink) the next day, and closed right on the 3.41 support (blue --).

Further selling pressure pushed Sembcorp Marine below the 2nd long term downtrend support (low pink) and the 3.36 support (green ...) on 5 sep. The last time Sembcorp Marine hit the 3.2+ levels was back in Jan 2008.

Today, Sembcorp Marine managed to recover above the 2 downtrend supports (low red, low pink) and the 3.41 support (blue --). However, volume is diminishing, so there could be a possibility that this recovery may not be sustained.

Any upside could be capped by the downtrend resistance (mid red). We could then see Sembcorp Marine trading between the 3.36 support (green ...) and the downtrend resistance (mid red).



For tomorrow :

Support @ 3.41 (mid blue, blue --), 3.36 (green ...), 3.335 (low pink), 3.31 (low red), 3.21 (low blue)
Resistance @ 3.48 (mid red), 3.51 (pink ...), 3.545 (mid pink), 3.567 (upp blue), 3.66