Singapore's Venture Corp hits 8-mth low; downside seen- technicals

Venture

19/06/2018 09:44

** Shares of technology solutions provider Venture Corp
 VENM.SI  fall as much as 6.89 pct to S$18.11, their lowest
since Oct. 24, 2017
    ** Stock breaks below a support at S$18.65, the 50 pct
Fibonacci retracement of the uptrend from Jan. 28, 2016 low to
April 13, 2018 high https://reut.rs/2JQh5fJ
    ** A study of the wave pattern and Fibonacci levels suggests
that stock is in the third wave, wave C of a corrective cycle.
This wave is expected to drag down prices further towards
S$16.054, the 61.8 pct retracement level
    ** Stock's RSI also faced resistance near the 50 level this
month, seen as a bearish signal
    ** Trend Intensity (TI) indicator rises 2 points to 23,
suggesting downtrend is gaining momentum
    ** MACD is also negative and below its signal line
    ** Stock is down about 5 pct this year as of Monday's close,
underperforming the broader index's  .STI  2.32 pct decline
     

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