Raffles Medical Group Ltd (SGX: BSL) Technicals indicate that the stock will enter into a new bearish trend:
- The head and shoulder formation is threatening to push the price lower.
- 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.
- The wedge formation over at the right shoulder has been confirmed after evening star broke below the lower sloping line of the wedge.
- 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.
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