The stock has fallen below its Triangle support in January, which is a medium term bearish sign. For now, it appears to be a slight pick up in upside momentum after the trend line breakout last Friday. Nevertheless, it is still bearish as it is also below its 30-day SMA.
Any rebound towards the S$12.05 and S$12.75 resistances is a sell.
Technical indicators are improving slightly. MACD remained negative while RSI is hooking up but still below the 50-point neutral mark.
After this minor rebound, we expect the stock to ease towards S$11.00 and S$10.40 before another major bottom is reached.
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