Sembcorp Industries – [Heavy Volume Today, Still Can Chase?]

6th January, 2022, 5:04 PM

Sembcorp Industries – [Heavy Volume Today, Still Can Chase?]Sembcorp Industries 6th jan 2022

Chart source: AdvisorX 6th Jan 2022

Sembcorp Industries saw a big move today together with an increase in volume. This move came on an unexpected day where US closed red and more talks of a faster rate hike. Overall sentiments were negative but this came as a positive surprise as Sembcorp Industries was holding well. Big Chunks were eaten and if one was not fast enough then this might have been a missed trade.

From the above, we alerted our clients about a week back when Sembcorp Industries had a first break of its downtrend line at $2.02. We saw a nice 5% upside hitting our second target of $2.12 and then witnessing a pullback now. We probably wouldn’t want to chase this trade given the not so strong sentiments out there. In fact, this was one counter which we mentioned in our post previously to take note off, so hopefully most would have gotten in earlier. Taking some profits off the table might be wise given markets don’t have a strong follow through.

If Sembcorp industries manages to stay above $2.12 then we might consider a re-entry.

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