Tuesday, August 17, 2021

Frencken Group (SGX: E28) - Strong Stock With A Bearish Price Setup

1. The stock has broken key support level with high volume at S$2.21.


2. Contra Phenomenon

Traders chased the stock on 05 August 2021 betting that it would continue to break new ATH were caught as the stock retreated below its support at 2.21. 

The huge volume traded on 05 August has created a supply situation that could dampen the price in the next two to three days due to the contra phenomenon.

First target: 2.09

Second target: 2.00

Third target: 1.93

Stop loss: 2.30

All posts and charts are for educational and illustration purposes only

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