Sell off
SCI's share price has been steadily dropping, this follows the general drop in oil prices. However, SCI recently announced their quarterly results and both Marine & Utilities segments aren't doing too well. In fact, the decrease in Utilities profits is larger than Marine's.
Should we be concerned?
Majority of the decrease in Utilities profits is due to the continued intense competition in Singapore. The increase in contributions from India isn't enough to offset the decrease in Singapore's profit.
JIA LAT! How? Many investors are dumping this business (which explains the drop in share price).
SCI closed at $4.19 today, and has been steadily defending the support at $4.20.
The next crucial support is at $4.10.
This seems very TA-ish for me. What happened?
Are you a trader or investor?
Well, I'm still a FA guy. My investing horizon isn't 12 months. I'm not particularly concerned ......