Sembcorp Marine had a morning run probably due to the news that was released last Friday and those unsuspecting traders probably jumped in in the morning hoping for a nice gain. Unfortunately that didn’t quite happen, Sembcorp Marine opened at $1.57 and moved up slightly to $1.59 before it got hit hard and slammed all the way down to a low of $1.50. This also coincide with our resistance at $1.58 which is close to 7% upside since we blogged. Profit taking came in and those who entered today probably didn’t end the day that well.
As the saying goes, buy on rumor and sell on news. As news was released, chasing the price wouldn’t be recommended Here are some reasons why.
Sembcorp Marine is currently at the uptrend support and breaking that might see it move to the horizontal support of $1.45.
Keep Watch!
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The post Sembcorp Marine – [ News Out, Resistance Hit, What To Do? ] appeared first on Singaporehumblestock.
Created by humblestock | Jun 06, 2024