Raffles Medical Group Ltd (SGX: BSL) Technicals indicate that the stock will enter into a new bearish trend:   

  1. The head and shoulder formation is threatening to push the price lower.
  2. The neckline support zone at $1.32-$1.36 has been tested multiple times since August, hence the support zone is likely to be weakened.
  3. The wedge formation over at the right shoulder has been confirmed after evening star broke below the lower sloping line of the wedge.
  4. Ichimoku is showing a three bearish death cross and the bearish trend is further intensifying after senkou-span A started to slope down.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line