May 23, 2024

BreadTalk: Sellers still not letting go… Cautious more weakness. Profit from CFD shorts Earlier? Price 0.715

Author: Trading Impossible | Joey Choy
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Just at the beginning of last month, we saw Breaktalk approaching the key 0.800 support dangerously..

It has been holding above 0.800 for more than a year but this time there was some signs of weakness as it approached this level..

Indicators were pointing towards the downtrend playing out and hence..

Some downside targets were drawn when we saw that eventual breakdown, see what I mean..

First target towards 0.74 then to 0.66…

Over the past few weeks, we have seen more selling pressure with 0.800 as the NEW lowered resistance..

Was not able to climb back up and sellers came to take it lower..

First target at 0.74 has been hit..

But again, this first support and target may breakdown and head towards our 2nd target as drawn earlier..

So targets to the downside was reiterated again… towards 0.66..

Over the past few days, we have continue to trade lower and downtrend would still be intact below 0.75 now..

Looks set to test the psychological 0.700 soon and if that fails to hold,

0.64 target can be on tracked as mentioned all along..

Watching…

Would be good for some short covering and taking profits for any short positions as it approaches the 0.65 – 0.66 levels…

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