KepCorp the world #1 rig builder hit an intra-day high of S$7.70 on 25th May and since then the price has retreated to an intra-day low of S$6.70 on 8th Jun. Looking at the Stochastic indicator, it is slowing flattening and potential could take another 1 to 3 days to really bottom out. It is having a support at the S$6.70 level and resist at around the S$6.94 level to create a bottom. If the S$6.70 level failed to hold, the next massive support would be at the S$6.25 level. RSI indicator has turned up hence signal the down side could be limited to S$6.70. A breakout from the S$6.94 level could see it heading towards S$7.50 level.
SembMar the world #2 rig builder after hitting an intra-day high of S$3.16 on 2nd Jun corrected down to an intra-day low level of S$2.81 on 8th Jun. The intra-day low level is resting at the short-term GMMA support level and a breakdown from this level could see it heading towards S$2.65 level; the long-term GMMA line. Stochastic indicator has yet to flatten hence suggesting the selling pressure might not be finished. However, the turning up of the RSI could suggest the downside is limited at the moment and at S$2.81 level, could be the support for bottoming up. If the S$2.65 level failed to provide the support, the massive support level would be at the S$2.45 level. As compared with KepCorp, SembMar might take slightly longer to bottom out. A trend reversal could see it testing the S$3.00 resistance level.
SembCorp is having a similar pattern to SembMar. Yet to see any clear sign of flattening but with RSI starting to show sign of turning up, the downside could be limited for the time being. It hit an intra-day high of S$3.30 on 2nd Jun and corrected down to an intra-day low of S$2.96 on 8th Jun. S$2.96 level is the first level of support from the long-term GMMA signal and appear holding up quite well for the moment. Currently, it is ranging between S$2.96 to S$3.04 trying to bottoming out there. A support failure at S$2.96 would see it finding the next support level at S$2.56; this should be a massive support level. The rebound from the bottom could see it retest its $3.30 level.
Swiber, perhaps is the strongest among the offshore/marine stocks now. It has a placement at S$0.88 level and its 200d EMA level is also around that level. This has potentially forming a good support around that level. Technically, Swiber appears to showing sign of rebound asa compared with KepCorp, SembMar and SembCorp. Stochastic appears to start to cut up while RSI has turned up already. Swiber could be the first to rebound among the Offshore/Marine stocks. The long-term GMMA first level support is around the S$0.84 level which failed to be tested and this suggests at current price level, the downside could be limited. A rebound could see it re-testing S$0.95 as first level of resistance.
