Strategy:
Traders can look to sell between S$6.49 – S$6.76, with a stop loss at S$7.04. The 1st target price will be S$6.13. 2nd Target price will be at S$5.86. 3rd Target price at S$5.70.
Technical snapshot:
Keppel Corp may see further downside after prices breaks below the uptrend channel. Price action suggest that Keppel is likely to face further tailwind:
- The bearish break below the pennant has confirm the bearish continuation.
- The bearish candle has also broke below the support turned resistance at S$6.56.
- Stochastic oscillator indicates a bearish divergence after overbought crossover on 22 June.
- Prices has broken below the 9-period conversion and 26-period base line.
- Volume surge on selling, confirming the bearish sentiment.