Swiber: Breaking Out!

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Follow up on Swiber last analysis. Swiber looks like breaking out from a Descending Triangle. Currently Swiber retraces back to test the support at the breakout point at about $1.05.  This is a very important four-in-one support where 20D, 50D, 200D MA and 78.6% Fibonacci Retracement Level meet at this level.

Things to watch out for:

  • Look for trend reversal candlesticks when rebound from this support level.
  • If Swiber reverses and breaks the recent new high of $1.15, the breakout is successful and the price target is about $1.30.

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Singapore Exchange (SGX): Bearish Long Term Outlook

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SGX is still trading within a long term Broaden Descending Wedge (Green). In a medium term, SGX has formed a Descending Triangle (Blue) in 3 months.  Currently SGX is testing the Descending Triangle’s resistance (at about $7.596) but this resistance is quite challenging to be broken as it is also combination of 20D MA, 50D MA and 23.6% Fibonacci Retracement Level). Also take note that “Lower High, Lower Low” pattern have been formed on the chart and SGX looks bearish in the long term. Upside potential is capped at about $7.85 which is also the 200D MA. 200D MA line has also started the down trend and that is another reason to be concerned. My price target for the breakdown remain to be the same, which is $6.30 or lower for the time being.

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