Keppel Land: CIMB has Technical Sell Call. Note that Prices have tumbled below its downtrend channel support in early Aug, but the recent rebound has been corrective. The sideways movement could potentially turn into a triangle, which means that there is likely one more downleg once this consolidation ends.
With MACD rebounding off its two yr lows, believe that any strong rebound would not be sustainable. The RSI is still trading below the 50-pts neutral mark. Believe that prices are likely to trade sideways with resistance seen at $3.18 and $3.40, where the latter is the critical resistance. A break below $2.82 would likely see prices fall back towards $2.50-2.55 next.
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