SG Stocks To Watch (Sheng Siong)

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.

SG Stocks To Watch (Sheng Siong)

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), which 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.

Sheng Siong: Bullish Setup!

  Bullish Signal: Bullish reversal candlestick at support, MACD histogram 4r1g, RSI turning up! Entry price: $0.65 Stop loss: $0.62 Profit target: $0.7 Reward to Risk ratio:...

Sheng Siong: Bullish Setup!

Bullish Signal: Sheng Siong may be exhibit a bullish flag behaviour upon breakout with high volume! Entry price: $0.725 with volume exceeding 2 million by 12pm! Stop loss: $0.69 Profit target:...