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SembCorp is not able to get past the $4.00 resistance (also the 61.8% Fibonacci Retracement Level) and looks like the completion of Elliott Wave 1, 2, 3, 4, 5 & A-B-C (marked in blue color). Reversely, it looks like another Elliott Wave (downward wave – marked in red) in formation starting wave 1 at $5.50. If [...]
Jardine Cycle & Carriage is currently forming Wave A of Elliott. Jardine C&C rebound from the 200D MA support and looks like starting a Wave B. If this is true, the next resistance is at about $43 (20D MA) and $45 (50D MA). Looks like upside is limited and the downside risk is very high just imagine how the [...]
SembCorp Industries is currently trading in Elliott Wave C. Base on currently chart pattern, SembCorp is likely to head towards $3.545 (50% Gann level) after the 61.8% Fibonacci Support level at about $4.00 (also the psychological level) is broken. This $4.00 is a tough resistance to break at the moment. So, I am expecting more [...]