Rotary is currently trading within a rectangle. Rectangle’s resistance is $1.18 and rectangle’s support is $0.874.
In the near term, Rotary is going to test 20D MA resistance to see whether this rectangle pattern is still valid. Failing to break this 20D MA resistance and breaking the rectangle’s support will trigger a bearish down (a formation of lower low, lower high pattern) trend for Rotary.
OCBC is currently sitting on the neckline of a Double Tops, and also a 200D MA support. The uptrend has already ended for OCBC since the support is broken and turned into resistance. If OCBC breaks the neckline, the price target of the Double Tops breakdown is $7.00 which also coincides with 38.2% FR level.
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.
