Can the 1.50 hold too?
Sent: Wednesday, February 24, 2016 9:31 AM
Subject: ************ Sembcorp Marine: Sell down back to key support level, weakness can return below 1.60, price 1.61
Subject: ************ Sembcorp Marine: Sell down back to key support level, weakness can return below 1.60, price 1.61
From previous call, we have indeed seen Sembcorp Marine traded to above our first target at some profit taking seen as market weakens again. It is now back to the support at 1.60 – 1.61 which is the original resistance it broke out above from last week. Any move below again below 1.60 can see the bears taking control again, where CFD SELL can be used to ride the retracement lower back to 1.50 then 1.40. Longer term trend still weak so good to be cautious for any long positions and take profit along the way while raising stop loss closely. If it maintains above 1.60, a rebound to 1.70 – 1.72 can be possible before it attempts a new move to find a new high at 1.80.
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