CORRESPONDENCE COURSES
BreadTalk: Sellers still not letting go? Price 0.595. Downtrend firm for now…
Author: Trading Impossible | Joey Choy
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Just about a month ago, we saw more weakness in BreakTalk with it heading towards the next support at 0.63..
This level was key as we had seen support above here more than 2 years back in 2017..
Buyers were likely to come back for some short covering,
However, more downside was still possible, especially with the downtrend indicators pointing firmly to more selling…
Hence, targets were reiterated to the downside with a potential breakdown below this 0.63 level expected…
See what I mean below…
2 weeks passed and indeed, the 0.63 support gave way,
Buyers were just not able to hold any longer as expected…
Targets were reiterated again all the way towards 0.50 with some temp support at about 0.55..
Sellers seem to be willing to push even lower towards target….
There were some consolidation above 0.60 but short term downtrend can continue imo with indicators still bearish…
Fast forward and over the past few days, we have seen the 0.60 psychological support broken too…
We can expect more selling towards target with downtrend intact…
Definitely would not want to be holding on to this counter blindly for now.. More for CFD shorts to ride further weakness…
Not too sure how low it can go, but so far, we have seen more weakness after some slight consolidation,
Forming lower lows as a result which is not a good sign…
Let’s see when downside targets can be hit… maybe soon?
