CORRESPONDENCE COURSES
Bukit Sembawang: Selling still not stopping? To ride downside further…. Price 4.76.
Author: Trading Impossible | Joey Choy
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Just about 2 weeks back, we spotted Bukit Sembawang heading towards the key 4.95 – 5.00 support level..
This level was definitely one to watch as we have been holding above for more than 2 years and..
We have rebounded from it about 3 times..
But this time, things seem to be different with some signs of weakness creeping in.
From the trend indicators, some downside was also starting to show….
And hence some targets were drawn for a potential breakdown… see what I mean…
First target to 4.60 first…
Last week, more selling came and buyers were just not able to hold above the support at 4.95 as mentioned earlier…
Sellers managed to regain control and were ready to take prices lower..
Managed to see selling all the way to 4.80 where there were some slight support…
But downside targets were again reiterated, to 4.60 then even lower to 4.40 if that fails to hold too..
Over the past few days, seems like 4.80 is not holding either….
More downside possible from here…
Hope that no one is holding on to long positions… More for shorts with CFD to ride further weakness while protecting profits…
See where we are below and targets drawn which can still play out…
