CORRESPONDENCE COURSES
Starhub: Downtrend still intact for now? Price 1.37.
Author: Trading Impossible | Joey Choy
Go to Source
Just about 2 weeks back, we saw Starhub approaching the 1.45 support level dangerously..
This level was crucial as we had been rebounding from it since the beginning of the year but now sellers were ready to test it again..
Trend indicators were also looking weak as we headed towards 1.45..
A potential breakdown was definitely on the cards..
Hence some downside target was drawn as seen…
Over the next few days, buyers indeed were not able to hold and just gave way.
And down we went with the 1.40 psychological level giving way as well..
Over the past week, we have seen some consolidation below 1.40 with some temp support at 1.35,
If that clears too, target can still be on tracked especially with downtrend firm for now.
See target that was reiterated as the bearish actions plays out…
Downside can still continue for now..
More for Shorts to be taken to ride any weakness, definitely would not want to be holding on to long positions blindly till there are any firm signs of upwards reversal…
