SG Stocks To Watch (First Resources)

2016Aug-First Resources-800x600

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.

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