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.
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.
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