SembCorp Industries - Bullish harami pattern suggests more near term upside

- SembCorp Industries is likely to see more upside potential in the near term following the formation of a bullish harami pattern at its 2-month uptrend line.

- With the technical indicators (RSI, Stochastic and MACD) showing healthy uptrend momentum over the past few months and OBV indicator signaling a sharp bullish reversal recently, they suggest that SembCorp could continue to climb higher in the days ahead.

- We expect the recovery to find an initial resistance at $3.33 (2009 high), breaking which, we see the next resistance at $3.74 (minor peak in end Sep ‘08)

- Immediate support is pegged at $2.80 (resistance-turned-support level), ahead of $2.60 (resistance-turned-support level).

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