On Friday, SembMar broke its support at $4 and closed at $3.96 with low volume of 4.11 million shares traded.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Both RSI & MACD are turning bearish as MACD lines may cross down any moment.
Important Resistance of SembMar: $4
Immediate Support of SembMar: $3.83
Currently prices are supported by the 20 days MA and resisted by technical/100 day MA at $4.
Since the announcement of earnings report on 3/Aug, investors has been selling on news though the selling pressure seems relatively low.
While SembMar is forming ascending triangle as displayed on the chart, we would not advise to enter unless prices break out of $4.11 with high volume.
Otherwise we would look to buy near 200 days MA at $3.83 which has been supporting the prices well since Feb 2010.
On Friday, StraitsAsia re-tested its resistance at $2.17 and closed at $2.17 with low volume of 4.28 million shares traded.
A candle sticks with long lower shadow indicates that investors are tempted to sell down as StraitsAsia failed to breakout of the $2.17 resistance for past couple of trading session.
Both RSI & MACD are bullish though RSI already at overbought region.
Important Resistance of StraitsAsia: $2.17
Immediate Support of StraitsAsia: $2.05
Currently prices are above the 20/50/100/200 days MA and RSI at overbought region.
We would not suggest buying at this moment as any upside will be limited and StraitsAsia having issues in breaking out of resistance.
In fact, we encourage profit taking if StraitsAsia failed to breakout of the $2.17 resistance.
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