Keppel Corp has been down for the last two weeks since we were blogged it .It was at $7.22 when we mentioned that it was a little high and needed to pull back. It has now reached our lower uptrend line and looks supported.
We’re hoping for it to have some rebound from here and if it doesn’t it could signal more downside .
Our upside entry would be at current spot price of around 6.65 with a stop loss of 6.53-6.55. Our first upside target might be 6.85
Some factors to take note would be oil prices. Oil has been falling for the last week and if it continues to fall then Keppel Corp might be dragged down. The next factor would be the interest rate decision but more importantly janet yellen’s tone and speech going forward. The number of times interest rate will hike also will play a role.
So if our support breaks we might be prepared to go the other way.