SG Stocks To Watch (Sheng Siong)

2016Sep-Sheng Siong-800x600

Sheng Siong (SGX:OV8)

Sheng Siong has accurately retraced from its Bearish Reversal Candlestick Pattern (Shooting Star) since our previous update (http://singaporestockstrading.com/2016/08/24/sg-stocks-watch-sheng-siong/)

At the current junction, Sheng Siong is still respecting its long term uptrending channel as it continue to established a higher swing low at $1.02 with price recovery this week. However, the closing of its 3 Doji Candlestick Patterns with lacklustre movement is likely to imply a pause in its first round of distribution (supply), with likely resumption of supply for further profit taking.

The current short term weakness in Sheng Siong is likely to transit to a mid term weakness at the break of $1.015 suppot level, with resistance to watch at $1.10 for further upside strength.

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