Friday, October 31, 2014

****************** REX - Bearish SETUP - BREAKdown of immediate 0.475 support level can open the way to more weakness... price 0.48 (NOW 0.465)

Breakdown indeed seen…. Heading lower now ?

Sent: Thursday, October 16, 2014 9:21 AM
Subject: Follow Up ******************** REX - Bearish SETUP - BREAKdown of 0.500 support level can open the way to more weakness... price 0.49
FROM yesterday calls, REX has indeed broke the 0.500 critical support level today. It is currently at an all time low where we can see the downside momentum continuing. With 0.500 as a resistance now, we are bearish unless it comes back above. CFD SELL call with entry from 0.485 to 0.495 can be use to ride the downside to 0.45 then 0.40. Buy stop los at 0.515.

Sent: Wednesday, October 15, 2014 9:25 AM
Subject: Follow Up ******************** Back to critical support: REX - Careful of breakdown of 0.500.... price 0.515
From previous buy call, Rex has indeed traded higher before retracing downwards on a weaker market. It has broke the 0.53 immediate resistance today on strong volume which might not be a good sign.  Range would now be 0.50 to 0.53. Note that as long as 0.53 stays as new resistance, more downside still like especially if 0.500 CRITICAL SUPPORT breakdown. Can consider CFD SELL positions on this. Both MACD and RSI trending downwards with no sign of reversal as of yet. Reasonable downside target would be 0.44 then 0.40 which is a new trading low. Cautious LONG POSITIONS !

No comments:

Post a Comment