Bearish Outlook for Sheng Siong Group Ltd.Published On: 19 Mar 2021, 5:00 PM | Alex Lee, Dealer
- Based on the daily chart of Sheng Siong, we can see that price is currently in a clear downward channel.
- At the current price, if price remains within the consolidation range, we can expect it to move downwards, towards the support level of $3.71. If price however closes below the support level, it may lead to a downtrend.
- However, a break of the resistance of the downward channel will serve as an indication that the momentum has shifted and is poised towards the upside. A closed past the resistance level of $1.65 will confirm the change of trend.
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