I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Thursday, 16 May 2019
Keppel Corp at Support - Swing Opportunity?
Keppel Corp (BN4)
Trade war may have shaken the market, but oil prices remain stable with Brent continue trading above US$70/bbl.
With Oil price staying relatively high, it gives prospect of a Oil&Gas industry recovery. And one of the beneficiary when O&G industry recovers would be Keppel Corp, one of the largest Oil Rig builder globally.
Keppel Corp remains as one of the few stocks one STI with a positive Relative Strength (RS) against the STI. With Keppel Corp (or BN4 we brokers call it) may potentially see an reboud as the stock trades towards a "Resistance-turned-Support" zone. With trading volume slows as the stock trends lower, this signifies that the eager of sellers have slowed.
With both, we may see Keppel Corp rebounds from here with first price objective S$6.60 and next at S$6.75.