Sembcorp Industries – [ Broke Above $1.46 Resistance, Is $1.55 Possible? ]

Chart Source: Poemsview 26th Oct 2020

Sembcorp Industries once again bucked the overall downtrend today and emerged positive closing up 2%. It’s one of the rare few stocks in the STI component that managed to remain positive and hopefully we’ll see more upside.

It took a nice break consolidating for the past few and breaking out of the $1.46 horizontal resistance despite a down day. This shows strength to us furthermore, there is an increase in volume too. From our previous post, Sembcorp Industries has hit our $1.47 target and we might see $1.52 next. $1.55 might even be possible before it starts taking a break. A sustain in volume is something we’re looking out for in order for this uptrend to continue. We’ll prefer to use poems CFD in order to ride such trades as compared to contra.

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Kelwin&Roy

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