• The stock tested its long term downtrend resistance at US$11.90 but did not breakout above it. It has since retraced to current levels and held above its 30-day SMA at US$10.29.
• MACD has turned negative while RSI continues to edge lower from here.
• Sell on strength is likely the best option here considering the bearish indicators. A break below the support at US$10.29 would signal that more downside is likely with the next support at US$9.50 and US$8.58.
Jardine Strategic Holdings Limited is a holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage. The Company, through its subsidiaries, operates auto distribution, food and retailing, property investment, property development, and hotel operations.
Jardine Matheson (JM SP; US$19.90) – SELL
• The stock is still languished in its medium term sideways trend channel despite having bounced off its Mar lows of US$15.90. It tested the upside resistance at US$23.90 but it did not have enough in the engine to breakout above it.
• MACD and RSI are starting to hook downwards again, probably suggesting that it could soon head lower.
• A break below its middle band support at US$19.90 is likely bearish for the stock in the near term. The following support is at US$19.05 and US$18.00.
Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.
Jardine Cycle & Carriage (JCNC SP; S$13.48) – SELL
• The stock rallied more than 71% from its Mar low of S$8.22 and hit its long term downtrend resistance line at S$14.58. However, the buying momentum faded soon after. It has now fallen below its short term uptrend channel at S$14.05.
• Indicators have just turned negative. The RSI has also reached overbought levels and has turned lower while its MACD has just confirmed its dead cross.
• Investors should SELL now as the downside support is only S$12.16 and S$11.41.
Jardine Cycle & Carriage Limited distributes, retails, and assembles motor vehicles, parts, and accessories. The Company also develops and invests in properties, and provides after-sales services.
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