SembCorp (U96) daily chart
Triangle formed (connecting closing price)
Typically, if prior trend is UP, triangle is bullish bias
But bear in mind triangle can also breakdown to form bearish Triple Top (marked 1️⃣2️⃣3️⃣) with critical neckline support along $5.10
Taking a closer look at candle & volume bars:
20/06/23 - heavy full bar selling
06/07/23 - gap down selling also above average volume
19/07/23 - today closed with a bearish Inverted Hammer (plus around previous Peak price)
Normally you dont find heavy selling in bullish triangle, therefore i have doubts in the current rebound strength and SembCorp could be forming a 3rd Top afterall🤞
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SCI is expected to continue to benefit from the strong growth in the Singapore economy.
The company is well-managed and has a strong financial position.
Sembcorp Industries' (SCI) stock price has been on a tear in recent months.