Sembcorp Industry 1 February 2015

US market closed lower -251.90 pts (-1.45%), but oil surged the most, around +8%. Baker Hughes reported oil rig count fell to a 3-year low, with oil rig count dropped by 94 this week.

Sembcorp Industry will be announcing their results on Tuesday, February 17, 2015 after trading hours.

Double bottom formed in the chart
You can also notice the Increasing volume from the start of 2015
Sembcorp Industry could look to retest $4.47, which is a resistance
After which, successful breakout can be further confirmed after crossing the $$4.53 mark with strong volume
 
With the US market down on Friday, and candlestick showing more downward pressure, I am looking at a $4.29 entry with a possible support at around $4.10.
Short term target price can be around $4.47, followed by $4.53 .
Time frame: 1 month – 2 months

sembcorp ind

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