KepCorp broke uptrend support with increase in trading volume! In addition, KepCorp broke the 50D MA support too. This indicates the end of uptrend for KepCorp.
Next immediate support is at about $10.38 which is the 78.6% Fibonacci Retracement level followed by 200D MA support.
Keppel Corp is forming a Symmetrical Triangle and currently just trading at the Triangle resistance and 20D/50D MA support. The immediate support is at $8.60 (Triangle’s support) which is also 78.6$ Fibonacci Retracement Level, 200D MA support and long term up trend support. No clear direction until the breakout.
Keppel Corp is currently sitting on a critical support level. This support is a combination of up trend support, 200D MA and 23.6% Fibonacci Retracement Level. If this support is broken, Kep Corp chart will be bearish and may go down to $7.527 (38.2% Fibonacci Retracement Level). The next two immediate resistance will be 20D MA (about $8.70) and 50D MA ($9.10). Base on the support and resistance of the chart (on top of the current market sentiment) downside risk (10%) is higher while upside potential (5%) is limited.
