April 22, 2024

Japfa: Selling to continue for now as predicted? Price 0.48

Author: Trading Impossible | Joey Choy
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Just last week, we spotted some bearish actions in Japfa with it attempting to break the 0.50 psychological support..

It has been holding above this level for more than a year so any firm price actions below it may start to see more weakness,

Moreover, there were also signs of the downtrend starting to take shape and pushing further..

Indicators are still looking bearish with the longer trend also down for now, especially below 0.50,

Hence some targets were drawn, see what I mean..

Over the past few days, we have indeed see a firm break down…

And sellers don’t seem to be letting go,

With it unable to climb back above 0.50 new resistance, we may expect the selling to continue as per targets..

A bearish for now with downside on tracked as drawn..

Watching, may start to see some short covering as we head towards 0.42..

CFD shorts can be use to ride and profit from any downside…

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