Chart Source: Poemsview 29th May 2020
Sembcorp Industries a STI component stock has largely seen a sideways consolidation since March. The range it was trading is around $1.47-$1.64.
What caught our attention is that Sembcorp industries seems to have broke its horizontal support of $1.47. If it doesn’t regain this footing, we might see it move lower in the coming days and weeks. The downtrend line acts as a resistance and until it manages to break above that, Sembcorp Industries might continue to be weak.
It’s already at its 10 years low, so how low can it go?? What’s your trade plan like? $1.40 might be on the cards if it does stay below $1.47 in the coming days.