Chart Source: Poemsview 24th May 2018
Sembcorp Marine one of the hottest stock at the moment and was in the Top 20 volume of SGX yesterday, saw another stellar performance in the morning.
Sembcorp Marine didn’t have such a good closing towards the end as traders could be booking some profits.
And of course we wouldn’t want to be chasing at such a price now when the there is so much excitement. The risk reward wouldn’t be that good for us now.
Sembcorp Marine reached our target of $2.30 as per blog last week and we see $2.35 area as some resistance. What might be good is that Sembcorp Marine takes a short breather before it continues its upwards move. This way a more sustainable uptrend would be in place.
Do look at how oil performs at the same time as Sembcorp Marine is an oil related counter.
Hope you managed to benefit from this simple analysis we shared on Sembcorp Marine last week.
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