Keppel Corp: Downtrend may still be intact despite rebound, price 5.91
Author: Trading Impossible | Joey Choy
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Just last week, we have seen Keppel Corp breaking the key 6.00 support on some bearish price actions and more selling happened..
Hence some downside targets were drawn towards 5.60 as seen..
Trend is still down for now where buyers could not hold on longer..
Over the past few days, we have indeed seen the sell down towards our target at 5.60..
And then some short covering happened as the US markets reboudned…
We are seeing a rebound from the 5.60 level and heading towards 6.00 where sellers can be ready to take it lower again..
With technical indicators still looking weak, downtrend may still be in place below 6.00… with target revised again as per below.
Oil prices still facing pressure at US$50 which is putting downwards pressure on oil and gas stocks still…