CORRESPONDENCE COURSES
SingPost: Selling still going strong? Price 0.78. Downtrend may not be over…
Author: Trading Impossible | Joey Choy
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Just about a month ago, we saw SingPost approaching the 0.88 – 0.90 support dangerously…
It has been supported above 0.88 since the beginning of 2019 and even rebounded a couple of times but..
This time as it approached this support there were some serious signs of weakness.
Trend indicators were all pointing down and sellers looks ready to potentially break this critical support..
Also there was a Descending triangle pattern spotted with prices forming lower higher over the past year while support is holding..
Some downside target was drawn on this potential break down as seen below… to 0.80 first target
See what I mean…
A week later, we saw some bearish price actions indeed with sellers coming in fiercely and eventually breaking the 0.88 support..
It traded to 0.87 – 0.875 fast and buyers were not able to hold any longer.
On this price actions, downside target was reiterated again as seen towards 0.800..
A firm target down where the downtrend was likely to continue given this bearish move..
More for Short Positions to be taken with CFD to ride the downside and profit from the weakness..
An descending triangle breakdown which is not a good signal…
Fast forward to today, we have seen the target at 0.800 hit and a close below last Friday.
Seeing some short covering near 0.77 for now but more selling can happen with it capped below 0.800 still..
See where we are below where targets are reiterated lower again towards 0.700..
Downtrend still intact for now as per moving averages…
More for CFD short positions to ride further weakness rather than hold long positions blindly all the way down…
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