Sembcorp Marine: A Double Whammy Hit! Price 0.685. Is the SELLING over?

Just at the beginning of March, we saw Sembcorp Marine approaching the KEY 1.10 SUPPORT dangerously…

This level was crucial because we have been holding above this level since 2009,

Yes indeed, more than 10 years back since the Global Financial Crisis…

We were pretty much back to this support that even 2009 crisis managed to hold…

So any move below this level can definitely be meaningful…

Alerts were set as we were awaiting any bearish price actions from here…

It HAPPENED!

On the 28 FEB 2020, sellers seem to be coming out in full force to break the support…

it tried to hold for a few days but it JUST COULD NOT!!

The selling began… Some targets were drawn to the downside with first target at 0.90 as seen below..

This bearish call was more for CFD SHORTS to be taken to ride the downside rather than hold on to long positions all the way down!

To add, there were already some signs of the downtrend taking shape so this bearish price action further confirmed the downwards move… See what I mean.

Over the next few days after the bearish call, indeed, we have seen more selling momentum returning fast and it hit our target at 0.90 in about a week..

Downtrend was intact from the trend indicators..

We have then revised our target lower on further bearish price actions…

To the 0.700 next support as seen below…

Sembcorp Marine was NOW at an ALL TIME LOW…

We have even breached the level seen in 2009 GFC due to a double whammy,

with oil prices collapsing to 18 year low due to a price war between Saudi Arabia and Russia and also due to demand collapsing from the current virus pandemic…

Just not GOOD!

See targets dawn below that were revised even lower, another 20% downside from the 0.900 breakdown…

Things were just not looking good for this stock and many stocks in the oil and gas sector from this double whammy hit! See targets below..

Fast forward to today, we have already seen our 2^nd target at 0.700 hit 2 weeks back…

That support at 0.700 has since given way too and we are current trading below it at 0.685..

This support would now become the immediate resistance where any selling can still happen below it...

We may see some consolidation from 0.60 to 0.70 for now as prices start to stabilize and market becomes less bearish due to efforts taken by government around the world to cut interest rates and pushing out economic stimulus package..

BUT THE THING IS, the downtrend may not be over….  

It may not be out if the woods yet and if oil prices were to fall further and the current virus pandemic worsen, we may still see more weakness essentially..

Technically, if the 0.600 support breaks down, we can still see it head to 0.500, no one know how low it can go..

Only a firm bullish reversal price action back above 0.70 – 0.80 will invalidate our current bearish scenario…

So be cautious for now…

For those looking to accumulate on dips, I would advise to await signs of reversal before starting to buy cause the worst may not be over and it can still pull lower if supports are broken again…

See where we are below now..

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SIA: A Rebound Seen! BUT is the Selling really Over? Price 6.50.

Just exactly a month ago, before the virus situation was named a Global Pandemic, we saw SIA approaching the key 8.50 support dangerously…

On the back of news of travel restrictions being placed all over the world, airlines all around the world started selling down one by one…

And SIA was not spared too, it was seeing weakness gradually..

THIS 8.50 support was holding for more than 10 years since 2009 but seems like buyers were just not able to hold any longer,

There was already signs of downtrend from the chart even BEFORE the situations escalated, and that was in Jan 2020 where we started to see all the moving averages pointing down…

On the break down of 8.50, more selling was likely and hence some downside targets were drawn as seen..

First target to 8.00 then 7.50 as seen below..

This counter was more for CFD SHORTS to ride any weakness rather then to hold on to long positions given that this sector is one of the most heavily hit..

Not a good sign definitely for the 8.50 support to break down… 10 YEARS IT HELD! OMG!!

True enough, as per downside target drawn, we started seeing heavy sell down all the way to our targets..

Even 7.50 support gave way…

The selling was just too strong and amidst a sell down in global markets, this counter being one the most affected by the COVID 19 situation was not spared..

There were some support returning at 6.50 after the heavy sell down over the past 3 weeks.

BUT WHEN this support broke through last week, more downside was anticipated…

Target revised lower all the way to 5.00 psychological support level as seen…

SEE what I mean below..

Downtrend could very well continue and we are pretty much at an all time multiyear low… see revised target below..

FAST Forward to today…..

Over the past few days, we have seen selling all the way to a low of around 5.28 before buyers started to come back on some good short covering…

Normal, given that it has sold down by a WHOPPING 36% from when first covered when it broke the 8.50 support as mentioned above! See where we are below now..

NOW WHAT?

Well, we have rebounded all the way back to that key 6.50 support TURNED RESISTANCE now….. That was the level we broke down from last week remember?

The rebound was in line with other blue chips like the banks etc with DOW JONES rebounding by more than 2500 points over the past few days on news of a 2 trillion dollars stimulus package being pushed forward by US..

For now, well we may see some selling returning again if we are capped below this 6.50 immediate resistance… a potential retracement back down can still be on the card is situation does not improve..

However, having said that, on any further bullish move above 6.50, one can also see some more short term upside…

Still volatile RIGHT NOW, and we are pretty much right at the cross road..

SIA has announced grounding of it airplanes and cutting 96% of it’s capacity in recent days and things may still get worst before it gets better imo, cautious…

Will be watching where we go in the next few days…

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Sunningdale Tech: Can the selling continue? Price 0.82. The worst may not be over!

Just beginning of last week, we saw Sunningdale Tech approaching the 1.20 support level bearishly.

It has been holding above this support for more than 3 years since 2017 and seems like buyers were not able to hold on any longer..

Some downside targets were drawn as a result with first target being at the psychological 1.00..

From trend indicators, we were starting to see downtrend continue further…

Especially on any firm bearish price actions at 1.20..

See what I mean below. Not a good sign for sure..

A Descending Triangle pattern spotted also which can see more weakness…

A few days passed and we have indeed seen more selling towards the 1.00 support level..

There were some short covering near 1.00 but then..

Buyers were not able to hold too on market weakness and support just gave way too..

Downside target was reiterated to 0.800 as seen below…

More for CFD short positions to ride the downside rather then to hold on to any long positions blindly imo…

Another 15% downside was on the cards as seen below…

Fast forward to today, in just a matter of a few days,

We have seen our 2^nd target at 0.800 hit also..

For now, we are seeing some short covering here too… perhaps those who have shorted previously would like to take profit and cover back some positions…

However, note that selling may not be over.

On more bearish price actions below 0.800, we can see more weakness towards 0.600 as seen in revised targets below..

Downtrend can still continue..

Would want to be cautious of any long positions for now…

As mentioned all along, more to hold CFD SHORTS to ride the weakness…. See where we are below now!

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Hi-P: Selling may not be over. Price 0.795. Signs of weakness still...

Just 2 weeks back, we saw Hi-P approaching the 1.10 key support bearishly..

This support at 1.10 has been holding for more than a year but sellers were attempting to head towards it and potentially break it!

There were already some signs of weakness with trend indicators all starting to point down and hence

Some targets were drawn to the downside to 1.10 first and a potential breakdown to a 2^nd target to 0.90..

See what I mean below…

Market was starting to get weaker and any bearish price actions at the support level can see prices coming off sharply..

More for CFD shorts to ride downside..

Just last week, we broke the 1.10 support and even the 1.00 psychological level don’t seems like it can hold well..

Targets were again reiterated on this break down.

To 0.900 then 0.700...

Buyers were just not able to hold off the huge selling pressure coming in…

Was expecting to see some short covering returning near 0.900 but a potential breakdown was on the cards too  on market weakness…

Fast forward today, we have seen the 0.800 temp support level broken too.

Moving averages are starting to point towards a downtrend and selling can continue as long as 0.800 is capped for now.

If 0.700 support were to give way, we may see further weakness as drawn..

More for CFD shorts to ride the weakness rather than hold on to long positions for now…

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Sembcorp Ind: Downtrend to continue after rebound seen over past few days? Price 1.65. Selling may not be over!

Just about 2 weeks back, we saw Sembcorp Ind approaching the CRITICAL 2.00 support dangerously…

We have been holding above this support for more than 10 years since 2008 so any price actions here would be meaningful to see if sellers were ready to push it lower…

From trend indicators, there were already some signs of weakness since the beginning of last year…

And also prices has always been capped below the downward sloping channel resistance line as seen…

SO pretty much in a downtrend in the mid to long term..

On some bearish price actions spotted on 24^th Feb 2020, some downside target were drawn as seen… first target to 1.80 first…

See what I mean below…

Just last week, we saw more selling and target at 1.80 has been hit!

There were some short covering above 1.80 for a few days but the selling was not over imo…

Trend was still pretty much down and on further market weakness this counter can still break the 1.80 to push lower…

Downside target were revised even lower as such to 1.60 last week as seen below..

We were awaiting the impending breakdown of the 1.80 temp support too and it happened last Friday….

See target revised lower again as it happened… not a good signal…

Selling came in fast and down it went towards our revised target at 1.60 over the past few days…

There is some bargain hunting retuning near 1.60 for now which is normal given the sell down we have seen over the past month…

More than 16% sell down from when we first covered this with downside targets.

Fast forward to today, we are seeing some support at 1.60 still.. with a technical rebound towards 1.70 immediate resistance..

Sellers still seems to be coming out as it near 1.70 so the downtrend can still be intact below 1.70 now..

If we spot more bearish price actions below 1.60 support, would want to be cautious of more selling where target can be revised lower as seen… to 1.50 or maybe even 1.40….

More for CFD Shorts where we can ride the weakness further rather then just hold on to long positions blindly….

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Genting Sing: Selling to continue? Price 0.78. Sellers still not letting go imo...

Just about a month ago in early Feb, we saw Genting Sing approaching the key 0.85 support level dangerously…

The key thing is that since the beginning of 2018, which is like 2 years ago, we have already seen the longer term trend of Genting Sing starting to turn down.

It has been forming lower highs since then as seen from the downward sloping channel resistance line… see the red line below..

As we head towards 0.85, there were some signs that sellers were attempting to eventually break it, but we are just not sure…

Were waiting for some specific bearish price actions for a good signal for the downtrend to continue…

Hence, some downside targets were drawn for the impending breakdown..

A matter of time imo looking at how all the moving averages were pointing lower…. See what I mean regarding the target… to 0.70 first as it fills the gap downwards…

A few weeks passed and just last week, we finally saw that bearish price action…

Sellers just came in fast on market weakness and sold off the entire block of support at 0.84 – 0.85…

No chance given..

Finally, after more than 3 years since Nov 2016, we have seen this 0.85 support BROKEN!!

Not a good sign for sure and this can lead to more weakness in the short term..

Downside targets were reiterated again as seen, with some temp support coming in at 0.800 first.. then to 0.700…

Downtrend was intact for now below 0.85 new resistance…

Fast forward today, we have also seen the temp 0.80 support BROKEN!!

SEEMS like sellers are not letting go…

Imo, we can still see more selling pressure as long as price stay below 0.80 in the coming days… all the way to 0.700 as per original target drawn..

In situation like this, would not want to be holding long positions blindly and just HOPING IT WILL RECOVER…

It might, I am not too sure when, BUT just that for now, selling IN THE SHORT term looks more likely then a longer term reversal back up…

Can consider riding CFD SHORT positions to profit from the weakness… see where we are below now!

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SingPost: Selling still going strong? Price 0.78. Downtrend may not be over...

Just about a month ago, we saw SingPost approaching the 0.88 -  0.90 support dangerously…

It has been supported above 0.88 since the beginning of 2019 and even rebounded a couple of times but..

This time as it approached this support there were some serious signs of weakness.

Trend indicators were all pointing down and sellers looks ready to potentially break this critical support..

Also there was a Descending triangle pattern spotted with prices forming lower higher over the past year while support is holding..

Some downside target was drawn on this potential break down as seen below… to  0.80 first target

See what I mean…

A week later, we saw some bearish price actions indeed with sellers coming in fiercely and eventually breaking the 0.88 support..

It traded to 0.87 – 0.875 fast and buyers were not able to hold any longer.

On this price actions, downside target was reiterated again as seen towards 0.800..

A firm target down where the downtrend was likely to continue given this bearish move..

More for Short Positions to be taken with CFD to ride the downside and profit from the weakness..

An descending triangle breakdown which is not a good signal…

Fast forward to today, we have seen the target at 0.800 hit and a close below last Friday.

Seeing some short covering near 0.77 for now but more selling can happen with it capped below 0.800 still..

See where we are below where targets are reiterated lower again towards 0.700..

Downtrend still intact for now as per moving averages…

More for CFD short positions to ride further weakness rather than hold long positions blindly all the way down...

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