Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
TA Alert - Keppel Corp (14 Jun 2011)
Following a bearish reversal at the $12.13 resistance one month ago, Keppel Corp has now initiated a sharp bearish break below its 100-DMA and $11.06 key resistance-turned-support on increasing significant volume pick-up this morning.
As the RSI is on the verge of falling into the oversold region and MACD is still diverging bearishly away from its signal line, these suggest that the downside momentum could continue for a while more.
Hence, we are likely to see the counter heading further south to test the next key support at $10.23 in the days ahead.
However, we note that the 2.5-year uptrend channel is still intact and should the counter survive the test and initiate a rebound at around $10.23, this could provide a good buying opportunity for the long term investors.
Note: We currently have a fundamental BUY rating on Keppel Corp with $13 fair value.
Company Name: KEPPEL CORPORATION LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 13.00 |
TA Alert - Keppel Corp (14 Jun 2011)
Following a bearish reversal at the $12.13 resistance one month ago, Keppel Corp has now initiated a sharp bearish break below its 100-DMA and $11.06 key resistance-turned-support on increasing significant volume pick-up this morning.
As the RSI is on the verge of falling into the oversold region and MACD is still diverging bearishly away from its signal line, these suggest that the downside momentum could continue for a while more.
Hence, we are likely to see the counter heading further south to test the next key support at $10.23 in the days ahead.
However, we note that the 2.5-year uptrend channel is still intact and should the counter survive the test and initiate a rebound at around $10.23, this could provide a good buying opportunity for the long term investors.
| Resistances and Supports | ||
| 2nd resistance | $12.13 | Key peak in Apr '11 |
| 1st resistance | $11.06 | Key support-turned-resistance |
| 1st support | $10.23 | Key resistance-turned-support |
| 2nd support | $9.47 | Resistance-turned-support |
Note: We currently have a fundamental BUY rating on Keppel Corp with $13 fair value.
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