Keppel Land: Elliott Wave Observed

An Elliott Wave has been formed on Keppel Land and seems that currently KepLand is trading in Wave A now. Short term Wave A target is at  least reach $3.50 which is 78.6% Fibonacci Retracement Level. Coincidently this level is also a 200D MA support. Base on the chart pattern, KepLand is bearish. Other technical indicators like MACD, RSI, Stochastic, Bollinger Band, Parabolic SAR are supporting the bearish view.

If KepLand rebounds at the 200D MA support, that possibly indicates end of Wave A and start Wave B. It is important to see whether this 200D MA support is strong enough.

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