SembCorp Industries: CIMB has Technical Sell Call. House continue to see weakness in short and medium term for grp following its confirmation of its head & shoulders pattern. The sharp break below its key support trend line and the weak rebound in late Aug suggest that the selling pressure is strong.
MACD and RSI are now fairly positive but with the RSI reversing at is 50-pts mark. Prices could move sideways from here, forming a triangle before the next leg lower takes place. Recommend traders continue to sell into strength as long as the $4.50 level is intact. Neckline at $4.71 and likely to be a strong resistance. Prices could potentially fall below the recent low of $3.86 to test the $3.40 levels next.
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