CORRESPONDENCE COURSES
Keppel Corp: Back to support.. A rebound or more downside here? Price 6.08
Author: Trading Impossible | Joey Choy
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Just last week, we saw Keppel Corp approaching the key 6.40 resistance level…
We had been trading below this level since Oct last year and sellers don’t seem to be giving up…
Some selling pressure expected again as we headed towards there which was where the 100 day moving average line is too..
And true enough, it did happen with some bearish reversal price actions spotted too…
See downside target drawn…
Expected a potential retracement back towards 6.00 first which is where some short covering can happen…
Over the past few days, we have indeed seen some selling with the market being weaker and we are back to near 6.00,
Would want to be careful of more bearish price actions below 6.00 where targets to the downside can play out further..
For now, some short covering normal near 6.00… watching which way it goes…
