KepCorp (BN4.SI) Mid Week Review 09 Nov 2011
KepCorp is in an indecisive mode as is most stocks on the Singapore’s Straits Times Index. This is as we know due to the indecision seen on the rest of the world markets. FTSE and DAX has gone down quite a bit in the early hours and if this holds till US opens, S&P 500 could also head lower and that would setup a down in Asian markets in the next session.
Here’s the daily chart of KepCorp and I’d like to draw your attention to the indecisive pattern that developed in end July 11. We are in a similar situation with low volume and narrow trading range. The market is setup for a spike in either direction. Given the current situation, I believe we are in for a sell down on KepCorp which could take it to minimally 8.40 region.
Elliott Wave Analysis 