Singapore's Venture Corp hits more than 5-wk low, may fall further - Technicals

Venture

07/09/2018 05:48

** Shares of technology solutions provider Venture Corp Ltd
 VENM.SI  fall as much as 2.78 pct to S$16.41, lowest since July
31
    ** Stock breaks below a support at S$17.019, the 14.6 pct
Fibonacci projection level of the downtrend from April 16 high
to July 16 low https://reut.rs/2NVgG9K
    ** This suggests in the near term stock may fall up to the
next support at S$15.794, the 23.6 pct projection level
    ** MACD is negative and below its signal line
    ** Since April, stock's movement is confined to a descending
trend channel, seen as a bearish sign
    ** The RSI line also shows a bearish outlook for the stock
as it has failed to cross the 60 level since mid-April
    ** Stock down 17.54 pct this year as of last close, compared
with the broader Index's  .STI  7.5 pct fall in the same period
     

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