Singapore's Jardine Cycle & Carriage hits 2-mth low; may fall further - technicals

Jardine Cycle & Carriage

05/09/2018 05:45

** Jardine Cycle & Carriage Ltd's  JCYC.SI  shares fall as
much as 2.98 pct to S$30.90, lowest since July 4
    ** Stock falls for sixth session in a row
    ** Stock breaks below a support at S$31.354, the 23.6 pct
Fibonacci projection level of the downtrend from April 27, 2017
high to July 3, 2018 low https://reut.rs/2PyFrsK
    ** This suggests the stock may fall up to the next support
at S$28.684, the 38.2 pct projection level, though some support
is also expected at S$30.22, the July 3 low
    ** Stock's wave pattern suggests it's in the last wave of a
five-wave downtrend that started in April last year
    ** Trend Intensity(TI) indicator rises to 15, confirming a
downtrend. A rising TI indicator at 15 or higher confirms the
trend
    ** MACD is negative and below its signal line
    ** Stock down 21.7 pct this year as of last close, compared
with the broader index's  .STI  5.65 pct fall in the same period

 (Reporting by Gaurav Dogra; Editing by Gopakumar Warrier)
 ((gaurav.dogra@thomsonreuters.com;))