0144 GMT - Yangzijiang Shipbuilding's share price may pull back further, Phillip Securities Research's Zane Aw says in a research report. The share price has been consolidating within a 'pennant' formation with lower highs formed on the technical chart, which signals a possible further pullback, the analyst says. The moving average convergence divergence indicator supports this bearish view, with a recent bearish crossover and falling momentum, the analyst says. On breakdown below support at S$2.95, the share price is expected to retest S$2.81, which was horizontal support in mid-December, the analyst adds. Shares are 0.3% lower at S$2.92. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 19, 2025 20:44 ET (01:44 GMT)
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