Raffles Medical Group (SGX: BSL)
1. Trend Analysis:
- Primary Trend: Downtrend
- The stock has been in a persistent decline since mid-2023, with lower highs and lower lows.
- The major price drop from around 1.40 SGD to 0.830 SGD confirms the bearish structure.
- Recent Swing Points:
- Lower highs: 1.27, 1.26, 1.21, 1.10, 1.07, 1.05, 0.93, 0.89, 0.85
- Lower lows: 1.01, 0.985, 0.965, 0.865, 0.825
- Trend Weakening?
- Recently, price has been consolidating near the 0.825 - 0.850 range, showing potential support.
- Decreasing volatility suggests sellers might be exhausted, but there is no strong bullish reversal yet.
2. Key Price Action Signals:
- Strong Trend Bars:
- The large bearish bar in November 2023 showed strong selling momentum. However, follow-through has been weak.
- Reversal Signals:
- Price attempted a double bottom at 0.825, which could act as support.
- However, there is no clear bullish engulfing or strong pin bar indicating an immediate reversal.
- Inside Bars & Dojis:
- Multiple inside bars around 0.850 - 0.825 indicate consolidation.
- A breakout from this range could determine the next major move.
3. Support & Resistance Levels:
- Major Resistance: 0.85, 0.89, 0.93, 1.00
- Major Support: 0.825, 0.865, 0.88
- Price is currently near a multi-month support zone (0.825 - 0.850). A break below could lead to further selling.
4. Breakout & Pullback Analysis:
- Breakout Strength: Weak
- Recent breakouts have had long wicks, indicating rejection and lack of follow-through.
- Pullbacks:
- Minor bullish pullbacks were met with selling pressure, confirming the downtrend.
- No significant bull flag formation, but price is compressing, suggesting an impending move.
5. Market Context & Trading Bias:
- Current Market Structure: Ranging within a larger downtrend.
- Potential Trend Change?
- Signs of seller exhaustion: Price is holding at a key support zone, but there’s no strong bullish confirmation.
- If price breaks above 0.85 with strong momentum, it could signal a short-term reversal.
- Trader Psychology:
- Fear & uncertainty: Many traders are cautious after the prolonged downtrend.
- Indecision: The recent consolidation suggests neither buyers nor sellers are in full control.
Conclusion:
- Bearish Bias remains unless price breaks above 0.85 with strong momentum.
- Watch for a breakout from the 0.825 - 0.850 range to confirm the next move.
- A breakdown below 0.825 could lead to further selling pressure, while a strong bullish candle above 0.85 may attract buyers.
Disclaimer:Please note that this analysis is for educational purposes only and should not be taken as investment advice. Trading involves significant risk, and you should consult with a financial advisor before making any decisions.
Dividend: 2.91%
No comments:
Post a Comment