F&N – bearish reversal pattern signals more downside | Technical Analysis | Singapore Stocks

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Today, I came across this call by CIMB:

Fraser & Neave Target Cut To S$6.84 From S$6.91

Currently, the price is now 5.28, and 6.84 represents quite a significant upside. Most likely, this value was derived from a valuation model, and not from the charts, because it doesn’t look too rosy on the charts, with a clear head and shoulders (H&S) reversal pattern. This is one of the most bearish reversals, and could last quite a while. Last week, a pullback to resistance offered an excellent shorting opportunity. I would avoid buying this stock, at least until this pattern is negated or has run its full course of decline.

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