I would have thought that counter like SGR will be a bullish play (assuming that they will benefit from infrastructure spending).
However, my charts doesn’t say so. Ichimoku has some bearish indicators on Shaw Group.
1. Tenkan sen cuts Kijun sen on June 24 and penetrated the kumo support.
2. We can also see the 50 day EMA and 200 day EMA is forming a resistant at above the current price level.
3. On the Weekly Chart, we can see that the kumo is also acting as a resistant.
4. Daily chart is showing that the leading kumo is twisting and trending downwards; a sign that it is a bearish play.
5. Support is sighted at around $26.50
