Singapore's Jardine Cycle & Carriage may test a resistance at S$35.82- Technicals

Jardine Cycle & Carriage

01/08/2018 05:22

** Jardine Cycle & Carriage Ltd's  JCYC.SI  shares gain as
much as 3.27 pct to S$34.72, highest since June 11
    ** Stock breaks above a resistance at S$34.499, the 38.2 pct
Fibonacci retracement level of the downtrend from Jan. 5 high to
July 3 low https://reut.rs/2Kg8ePT
    ** A close above the 38.2 pct level may lead to price gain
up to the next resistance at S$35.82, the 50 pct retracement
level
    ** Stock's wave pattern suggests it has completed a
five-wave downtrend and is now in the initial wave of a
three-wave corrective cycle of the downtrend
    ** Trend intensity (TI) indicator rises to 17, suggesting
stock is trending upwards, MACD is positive and above its signal
line
    ** Stock down 17.33 pct this year as of last close, compared
with the broader index's  .STI  2.44 pct fall
       

 (Reporting by Gaurav Dogra; Editing by Sunil Nair)
 ((gaurav.dogra@thomsonreuters.com;))