Keppel Land (Kepland)’s uptrend ended after breaking down from the Falling Wedge and break the uptrend support. A Bullish Harami candlestick pattern was formed at 78.6% Fibonacci Retracement Support Level and thus expect KepLand to consolidate around $4.19. Also take note that this $4.19 is also the 200D MA support. Next support are $3.85 followed by $3.514 (61.8% Fibonacci Retracement Level) if Kepland breaks this 200D MA support.
Straits Asia Resources has been in retracement mode back to the uptrend support level. This uptrend line proved to be a good support on the past 7 occasions. You can see SAR rebounds from this support line everytime the stock touches this uptrend support line. This support also coincides with the 78.6% Fibnonacci Retracement Level. So, keep a close watch and wait for a nice rebound.
If this rebound does happen, next resistance is $2.80. If SAR still cannot clear this $2.80 resistance for the 3rd time, it may be time to get out of this stock because there may be a formation of Triple Tops or Head and Shoulder chart patterns. Either one of this pattern is a trend reversal pattern.
Previous Posts on Straits Asia Resources.
KepCorp broke uptrend support with increase in trading volume! In addition, KepCorp broke the 50D MA support too. This indicates the end of uptrend for KepCorp.
Next immediate support is at about $10.38 which is the 78.6% Fibonacci Retracement level followed by 200D MA support.
