The upside is likely to be capped at S$2.72 and its 30-day SMA at S$2.93.
• The stock gapped lower and followed through selling sent the price lower, forming a negative black candle. More selling is expected to follow suit with the next level of support at S$2.38 and S$2.20 (its low in Oct 08). Breaking below could induce further selling.
• Daily MACD is negative and RSI is heading lower.
• The upside is now likely capped by its gap at S$2.72 and its 30-day SMA at S$2.93.
Hyflux (HYF SP; S$1.77) – SELL
Stock could ease lower to close the gap at S$1.51-1.57 soon. The following support is at S$1.43.
• The stock broke below its consolidation triangle after falling below its support and 30-day SMA at S$1.80.
• Indicators are mixed at the moment. Its MACD is still negative but its RSI has hooked up sharply.
• Until a breakout above the S$1.80-1.88 resistance levels, the stock is still in a bearish phase. The stock could ease lower to close the gap at S$1.51-1.57 soon. The following support is at S$1.43.
Jardine Matheson (JM SP; US$17.50) – SELL
A short term rebound is possible but we expect the stock to head lower again to retest its Oct-lows at US$14.52.
• The stock reversed its downtrend yesterday with a hammer-like candle. This could probably lift the stock to close the gap at US$18.40 and possibly even US$20.00 resistance levels.
• MACD is still negative but improving while RSI is now oversold suggesting that a rebound could take place.
• As the longer term trend is still bearish, any rebound should be seen as an opportunity to sell. After this rebound, we expect the stock to head lower again to retest its Oct lows at US$14.52.
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