SembCorp Marine is taking a breather after the recent sharp fall. The trading range is getting tigher between $3.90 (20D MA Resistance & 61.8% FR Resistance)) and $3.65 (past 3 low recently). This $3.65 is very significant resistance turned support. Previous reisstance between June to Oct 2010 period. Breaking this $3.65 support will send SembMar to next immediate support of $3.365 (50% Gann Level).
SGX is currently trading within the down trend channel. A tough resistance is seen at $7.06 which is the support turned resistance level. It is expected SGX to continue the down trend and get near to the down trend support or $6.16 which is the 38.2% Fibonacci Support Level.
Stock market staged an impressive rally last week with NO BAD NEWS. Is this the return of the Bull market? Base on the chart pattern, it looks like a Bear Market Rally as all 3 US indices Dow Jones Industrial, S&P500 and NASDAQ are forming a Bear Flag chart pattern. Both Dow Jones Industrial ($DIJ) and S&P500 ($SPX) are getting near the Flag Resistance and the 50D MA resistance, whereas NASDAQ has reached the Flag Resistance and the Triple Tops neckline. Watch out for the potential trend reversal pattern in the coming few days. Another scenario will be all 3 Indices break the Flag Resistance and 50D MA resistance. The Bull may return if this scenario happens.
Previous Analysis on Dow Jones Industrial, S&P500 and NASDAQ.