Sembcorp Marine has hovered above 4.45 level for slightly more than 2 weeks and neared the 4.60 resistance level again. Immediate resistance level is at 4.60 level and we can see a double top formation that stretch back to Feb 2013. As long as this 4.60 remains as a critical resistance, we are bearish we a downside back to 4.20 level if the 4.45 support breaks down. Coincidently, the 4.45 support also is where the 20 DAY MA line is currently. A break of the 20 MA line can also signal short term downside. Traders who would like to accumulate on dips can consider buying near support from 4.20 level if it does dip to that level.
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