Chart Source: Poemsview 23rd June2019
Sembcorp Marine made an upwards movement since the time we blogged just last week when it was at $1.49, managing a nice 5% upside.
Some news was released on Friday ( 21st June) after market at 5:39pm which stated that its parent company Sembcorp Industries to provide a $2 Billion subordinated loan facility to Sembcorp Marine to better position for offshore and marine industry recovery.
This piece of news sounds positive to us and it would further strengthen Sembcorp Marine’s position giving them room to navigate through this rough environment.
Chart wise, as drawn last week Sembcorp Marine was supported by the horizontal support and is currently above its 50ema which is positive for us. Staying above this might see a near term upside target to $1.58 and if market remains bullish then $1.64 which is the gap resistance. Remember of your stop loss in every trade.
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