Charts tip investors should avoid rushing into Keppel shares, SIAS Research says.
“Although the downtrend remains in force, signs are emerging that prices may be bottoming. A bullish white marubuzo was formed after three days of consolidation,” it says, but notes the recent price surge wasn’t supported by decent volume.
“The declining moving averages are negatively placed and momentum remains in decline. Prices need to close above its 200-day moving average at $10.80 to verify this uptick, immediate support is at $10.56 and resistance at $10.80-$11.00 regions. Since indicators are all falling, a break out could still materialise.”
The stock is down 2.9% at $10.49.
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