First Resources (SGX:EB8)
First Resources displayed a sequence of bearish reversal signals over the past week (shooting star, hanging mans) and closed today with another bearish shooting star, implying a potential exhaustion of its rally for a near term correction. The bearish signals also coincides with a gap down in early May 2016 that was untested for over 3 months (the longer gap holds, the stronger the resistance/support). This creates a potential major resistance level for First Resources.
Observation in MACD and RSI reflects a bearish divergence as well.
The confirmation of this sell down will be at the break of $1.81 support level, along with negation at $1.91 for further upside.