SATS: Sellers still here? Price 4.38. Weakness may still continue!

Author: Trading Impossible | Joey Choy
Go to Source

Just about 3 weeks back at the beginning of Feb, we saw SATS approaching the 4.55 – 4.60 support level dangerously…

It has been holding above this key support for the longest time since Aug 2016 which is more than 3 years ago..

So any key price actions near here would be meaningful to watch..

Since 2018, it has been forming lower highs which is a sign of weakness from the charts and just recently,

Trend indicators were also starting to point down..

Hence, when we saw some bearish price actions on 3 Feb 2020, some downside targets were drawn as seen below..

First target towards 4.30 first.. see what I mean…

After the first spot, over the next few days, we managed to see more selling pressure towards 4.40..

And then some short covering seen before a quick rebound…

It rebounded all the way back to 4.60 which was the initial support it had broken…

However, can see that sellers were still lurking and selling pressure continued..

This initial 4.60 support would now be the resistance for price to push lower.

Targets were reiterated to the downside again with near term support now revised to 4.40, See what I mean…

From the chart below, you can also see a Bearish Rounding Top pattern drawn which can point to a downtrend in progress, especially below 4.60 RESISTANCE….

Fast forward to today, we are finally seeing some actions again with sellers attempting to push below the 4.40 support..

Currently at 4.37 where buyers are still trying to hold on and recover some ground back above 4.40 BUT seems like not able to..

Awaiting to see more bearish price actions below 4.35 which can see more selling momentum coming back fast..

Next downside target to 4.20 then 4.00 can be on the cards if that happen..

Short term trend indicators still looking negative for now..

Watching to see what happen in the next few days…

More for shorts with CFD to ride further weakness… would not want to be holding on to long positions blindly for now…

See where we are below now…

Want to get ideas like these FASTER by WhatsApp as it happens?

Open a free trading account with Joey and his team here, find out why >>>

Read more

SATS: Sellers still here? Price 4.38. Weakness may still continue!
Scroll to top