– Rickmers has fallen below its IPO price (??) after closing at S$1.51 yesterday.

– Yesterday’s sell off was on the back of high volume, which indicates a little more downside is expected, but the reversal candlestick formation also suggests the sell off is close to bottoming.

– Hence, we do not expect the Rickmers to slip very much further as it is trading close to the lower band of the descending trend channel, which is also close to our support at S$1.49.

– We also observed that the short-term stochastic indicator has just cut up inside the oversold territory, hence we anticipate a rebound ahead.

– 1st resistance level set at S$1.58 and 2nd resistance level set at S$1.66.