SPH (technical)

SPH: OCBC Technicals says SPH is likely to see more downside ahead after initiating a strong bearish break below its 50-DMA and $3.98 key support on significant volume yday. Notes MACD has just fallen below the centreline as well, suggesting that downside momentum is accelerating. Sees a test of the key base at $3.82 (resistance-turned-support) in the weeks ahead. Immediate resistance at $.3.98. The house has a fundamental Hold rating with TP $4.05.