Elsewhere, Singapore Airlines appears to be in the midst of a base formation, evidenced by negligible volume, and a narrow trading range over the past two months. A trigger — as yet unknown — could cause a breakout.
Keppel Corp has broken out of a base formation at $4.60, indicating an upside of at least $5, a level not seen since August. The 50-day moving average has turned up, supporting the breakout. Quarterly momentum which had pummeled two-year lows, has turned up after a minor positive divergence. It has yet to break above its equilibrium line. Although volume expanded on Keppel’s breakout, it was not a spectacular rise. Hence, prices may stay around the $4.65 range for a few sessions before heading higher.
Keppel Corp - THE EDGE SINGAPORE
