0125 GMT - Frencken Group's bearish share-price trend is continuing, technical charts suggest, says Phillip Securities Research's Zane Aw. Shares encountered resistance in the S$1.16-S$1.19 area, which includes a short-term downtrend line, the analyst says in a commentary. The moving average convergence divergence indicator is also staying below the zero line, supporting the bearish view, the analyst says. Shares are likely to pull back and retest the S$1.08 level, which was the swing low support level formed at end-December 2024, the analyst adds. Shares are 1.7% lower at S$1.14. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 09, 2025 20:25 ET (01:25 GMT)
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