Keppel Corp

The stock market volatility continued to haunt market traders. Dow surged from 7509 to end at 8046 in the last hour of trading. News that newly elected US president is getting Timothy Geithner as treasury secretary gave traders a reason to buy up battered stocks.

The show of strength should spur Singapore’s market come Monday. Keppel Corp, once a market darling, has come a long way down since October 07 high of $15. The stock closed at $4.60 on Friday.


The stock price managed to hold on to the 61.8% re-tracement level of the recent up moved that saw the stock moved from $3.35 to $5.62 in 6 trading days.

If the stock is able to move above $5.62, the Fibonacci objective is at $6.57. If it breaks below $4.19, it is likely to retrace all the gains made and re-test the low of $3.35.

Dow Support Level

Dow closed at 8424 on Tuesday, up 151 points. The index tested 7947 level, the low established on 13 Nov 08. It managed to rebound and claw back above the 8000 level. Buyers came in only in the last hour of trading.


The index looks to be forming a double bottom and has managed to find buyers whenever it hit below 8000. Next resistance level is at 8835 and support level is at 8085.

Sembcorp Marine

Sembcorp Marine is having a good run recently. Recovering from a low of $1.15 set on 28 Oct 08, this stock has rebounded to a high of $1.98 yesterday. That is an impressive move of 72% percent in the span of 5 trading days.

The price has hit the pivot point made on 10 Oct 08 which is serving as resistance level. The stock has also retraced more than 50% of the down move from $2.73 to $1.15. The next resistance level is at $2.14 which is the 61.8% retracement level.

Let’s see if it can break through the downtrend line. If it is not able to make a break through, the stock may fall back to $1.66 level.