Identify the Strong Price Support Levels

In a falling price trend, we will see a short or long term rebound at significant support levels. We can execute our take-profit/cut-loss trades after the price rebounds from the support levels. Price supports are likely to form at:  

  1. The historical price peaks or bottoms
  2. The Fibonacci Retracement levels

We are able to use the Fibonacci Retracement tool in Dynamic Charts to identify the strong support levels. Simply connect the historical high to the historical low of the chart and the Fibonacci Retracement levels will be shown.      

We have used the Fibonacci Retracement tool on the chart of Keppel Corp.

The strong support levels are shown in the diagram below:  

The price drops to a low of $4.64 on 18th Jan 2016 and rebounded. After which, the price hovers around the 23.6% support level (price of $5.28) for almost the entire 2016. On 1st Dec 2016, the share price surges and it hits a high of $6.43 on 25th Jan 2017, followed by a higher high of $6.67 on 17th Feb 2017. (Last update on 17th Feb 2017, 12pm)

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The mentioned stock should not be taken as an advice to buy or sell. Each user should go through with his usual self-analysis of his risk appetite and perform additional due diligence before making any investment or trading decision. Your Trading Representative should be consulted before making any financial decision.