View On SembCorp Marine (25 MAR 2020)
This counter is in free fall recently as it can be pretty related to Oil production.
Currently, the price has hit the upper band of multi-year support region from $0.45- to $0.69 and making a decent bounce.
It may fall back to the region again once this hope rally frizzle out.
Summary: Too late to short, and go Long...
Technicals/Charts:
- Approaching the Support/Resistance at 3.20/3.30 levels
- Weekly RSI turned up at 50 - showing strength still
- MACD consolidating for some time
I would like to see price break above the resistance TL and the support turned resistance zone with high than usual volume.
This will give an indication of a strong rally.
