CORRESPONDENCE COURSES
Great Eastern: Downtrend to continue for shorts? Sellers still seems to be in charged! Price 21.75
Author: Trading Impossible | Joey Choy
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Just 3 weeks back, we spotted Great Eastern approaching the KEY 23.00 support dangerously…
It has been pushing lower after each consolidation since August and hence there were definitely some signs of weakness…
In fact, trend indicators were also pointing to more downside…
Some downside targets were drawn with a potential break down of 23.00 expected eventually..
See what I mean below…
Buyers seems like that were not able to hold any longer and sellers were attempting to regain control again..
Over the next few days after spotting, indeed, the break down occurred at 23.00 and sellers took price lower…
Target were again reiterated with a sell down towards 22.00 expected next…
That was the next crucial support based on prices 2 year back where it held,
And this is also where we may start to see some short covering.
Downtrend was intact on this move down…
Last week, we traded lower towards 22.00 and seems like this support has given way as well..
Which opens up the way to our next target towards the psychological 20.00 as drawn all along..
With price holding below 22.00 now, still looks bearish and sellers can continue to push lower after a slight breather…
For those who have taken shorts earlier, would be good to start protecting profits while riding further…
More for CFD Shorts to profit from the downside rather that just holding on blindly to long positions..
Will be looking to see when target at 20.00 can be hit eventually…..
