SembCorp Industries Ltd Trading at Key Level
- Looking at daily chart of Sembcorp Industries, we can see that price has failed to close higher than the $1.90 level and has formed a downward trend channel.
- Currently, price is sitting on the support level of $1.62. If price was to break downwards of that level with a close below the psychological level of $1.60, it will continue its bearish momentum towards the support level $1.45.
- However, if the test of the support level of $1.62 fails and bullish momentum enters with a break of $1.71 resistance level, this will serve as an indication that the momentum has shifted and is poised to the upside. We can then expect price to test the resistance of the downward trend channel.
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