Jardine C&C: Elliott Wave A or Wave B?

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 Wave C looks like.

This Post Has 2 Comments

  1. Raymond Lim


    Jardine C&C has dropped to the price level of $35, on 25th August 2013.

    I can see the trend is downtrend and the price may fall further.

    I can see the strong support at $30 zone, do you see this is good invest opportunity to long Jardine C&C ?

    The highest level it can go up to $56 sometime back before May 2013.

    The profit margin can be attractive if can long at $30 – $35 and sell at $50-$55 zone, just for 1 lot, can profit over 15K.

    Do you have any comment on this counter ?

  2. Marubozu

    STI is on bearish trend so be cautious when you want to long any stocks. UOB and OCBC broke support yesterday, and very likely STI will fall further. So, Jardine C&C is not for long term play but can long the stock short term when rebound from $30 the previous support. I will not trade this stock as the current chart pattern does not meet my trading rules:
    1. Never short at low (stock price is low)
    2. Never trade counter trend (trend is down but potentially rebound)
    3. The stock is illiquid so technical may not be reliable.

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