Sembcorp Marine: Breakdown below 1.30 indeed and a new low, more downside likely on this move... priice 1.255

From previous call, we have indeed seen a breakdown below the 1.30 support over the past few days with a new low at 1.24 today.

Downtrend looks intact below 1.30 now with it likely to test 1.20 eventually.

As long as 1.30 is a cap now and a new resistance, we can still see more weakness.

Cautious long.

Oil and gas stocks still don’t look strong, at least for now….

With more selling seen after some slight consolidation….

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Recent Emails:

Sent: Monday, August 29, 2016 10:53 AM
Subject: ********** Sembcorp Marine: Still holding above 1.30 support.... when with it break? Price 1.305

Sent: Wednesday, August 10, 2016 9:30 AM
Subject: ************ Sembcorp Marine: Still supported above 1.30, at least for now.... weakness below 1.35 still.... price 1.31

Sent: Wednesday, August 03, 2016 9:42 AM
Subject: ******* Sembcorp Marine: Heading towards the 1.30 key support level, a potential break down, careful.... price 1.33

Sent: Tuesday, August 02, 2016 9:11 AM
Subject: ******* Sembcorp Marine: Breakdown of the 1.40 temp resistance even, more downside likely... price 1.375

Sent: Tuesday, July 26, 2016 9:26 AM
Subject: ******** Sembcorp Marine: Short term weakness below 1.50 as mentioned... price 1.445

Sent: Monday, July 25, 2016 10:29 AM
Subject: ********* Sembcorp Marine: Short term weakness below 1.50 as mentioned... price 1.455

Sent: Friday, July 22, 2016 9:46 AM
Subject: ********* Sembcorp Marine: A breakdown below 1.50 key support again, can see more weakness below now... price 1.49