While many will be elated on what seems like a "Trend Breakout", it is still early to tell.
Newton law of motion
"An object in motion will remain in motion in the same direction" holds true for stocks as well. A stock in a downtrend will most likely stay in a downtrend.
Even if the breakout is legit, we have a nearby resistance at 6.00. Given that the current...
This is an analysis for a client.
Technical indicators showing room for further bearish momentum
Bounce before chance of a further drop.
Please do your own due diligence.
Losses can happen so please understand your risks and investment objectives first.
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Price is facing bearish pressure from our first resistance where we could see a further drop below this level to our first support target. 20 EMA is showing signs of bearish pressure as well in line with our bearish bias.
Prices played out nicely in our previous call, here are the updated key levels for me on Keppel. I caution our 5.66 resistance level as it is in line with our monthly descending trend line as well where we could see a pullback to test our support. A break above this level would see a further push up to our next resistance target at 5.91.