Sheng Siong (SGX:OV8)
After a breakout of $0.885 major resistance level during late July, Sheng Siong has followed through with an aggressive rally of over 21.3% in less than 5 weeks. At the current junction, Sheng Siong is displaying a Bearish Reversal Candlestick Pattern (Shooting Star), with significant high volume today. This may imply an exhaustion in the existing rally for a short term correction in the coming sessions. The observation also coincides with Bearish Divergence in its MACD Histogram, RSI Oscillator against its rally.
The confirmation of this Bearish Reversal Signal is at $1.075 level, along with negation of the trading idea at $1.16 all time high breakout level.