All 3 US Key Indices Dow Jones Industrial, S&P500 and NASDAQ Composite faced sell off in the last 30 mins of trading hour. This is not really unexpected because I am predicting the stock market will turn to bear again after the recent 3 days strong rally because they are hitting the resistance. Fasten your seat beat in the coming week because I am anticipating another Bear Flag, ie. another big sell off!
STX OSV has been in a very fierce selling off since breaking the neckline support of a head and shoulder pattern. Will STX OSV go below the IPO price of $0.79? If yes, what is the target price? Using Fibonacci Retracement is able to predict the next support below the IPO price:
Time will tell whether this Fibonacci Retracement works.
SembCorp Industries is currently trading in Elliott Wave C. Base on currently chart pattern, SembCorp is likely to head towards $3.545 (50% Gann level) after the 61.8% Fibonacci Support level at about $4.00 (also the psychological level) is broken. This $4.00 is a tough resistance to break at the moment. So, I am expecting more downside to the next support in the coming days or weeks.
