SembCorp Industries (SCI): CIMB technicals. House notes prices have tumbled after the bulls failed to break above the strong support turned resistance trend line in June and July. Also sees a head & shoulders pattern taking form here with a neckline at $4.70.
Says, a breakdown below the $4.70 mark would confirm that head & shoulders reversal, targeting
$3.70 in the medium term. Minor support is seen around the $4.50 and $4.28 levels.
Adds, indicators continue to deteriorate, suggesting that there is room for prices to head lower. The stock is a sell now with resistance seen around the $5.00 levels. Any rebounds should be seen as an opportunity to sell.
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