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5 Facts About Sembcorp Marine
1) Price is currently below 200 and 100 EMA, which indicates the medium to longer term trend is towards the downside.
2) Only 3 out of the last 11 months, did Sembcorp Marine closed higher for the month.
3) Price did a false breakout on 10/6/2015, which should have gathered some long interest.
4) We have a 7 month old descending triangle pattern.
5) Price is forming lower highs into key 2.85 – 2.90 support.
There could be resting stop orders just below the recent swing low, from traders who went long after the false breakout.
If price trades below the recent swing low, I will look to short with stop loss of 2 ATR.
This is not trading advice. Kindly do your due diligence before risking your hard earned money.
As always, comments are welcomed and encouraged. Cheers!