September 5, 2018 / 4:45 AM / 18 days ago

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

** Jardine Cycle & Carriage Ltd’s 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 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 5.65 pct fall in the same period (Reporting by Gaurav Dogra; Editing by Gopakumar Warrier)

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