CORRESPONDENCE COURSES
HPH Trust SGD: Selling down as per target. Some buying seen BUT worst may not be over. Price 0.22.
Author: Trading Impossible | Joey Choy
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Just about 3 weeks back, we saw HPH Trust SGD approaching the really critical 0.300 support level,
We have been holding above this level for more than a year and it seems like sellers were ready to break it..
From trend indicators, there were already signs of weakness and a potential breakdown seems very likely..
That firm price action came and some downside targets were drawn..
To about 0.20 as seen below..
Over the past few weeks, we have indeed seen more selling pressure with markets also turning lower..
There we some temp support seen at 0.25 however,
That gave way as well and targets were reiterated again towards 0.20..
Downtrend was intact and sellers were definitely not giving up..
Today, we are almost approaching the next support at 0.20 where some short covering is seen..
Some buyers are coming out to take some profits on short positions so it is normal..
Likely to see some consolidation above 0.20 first BUT…
NOTE that more downside not ruled out on more bearish price actions below 0.20..
Target can be revised lower as seen below… Cautious long positions…. More for shorts to ride further weakness..
