Head & Shoulders for ST Eng on 20/Feb!!

Posted by Dou at 2/20/2010 . Saturday
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The news of ST Engineering (S63.SG) having the dividend been cut have caused massive sell down on 18/Feb & 19/Feb respectively. "Dividend cut may cause near-term underperformance; the cut in dividend potentially signals that the 100% payout ratio may no longer be a given," says JPMorgan.
Currently ST is already near to the neckline of the classic pattern “Head & shoulders”. Any sell down beyond this neckline may cause further damage which happens to Genting during last few days.

What do you think? Bearish or bullish?

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