Wednesday, January 20, 2016

Nam Cheong: Downtrend intact, target hit! Can the 0.100 psychological support hold too? price 0.101

How low can it go from here?

Sent: Thursday, January 14, 2016 11:35 AM
Subject: ************** Nam Cheong: potential breakdown below 0.110 further where we can see more selling... price 0.112
Nam Cheong did not manage to cross back above the 0.150 key resistance level 3 weeks back and has been selling down ever since. Over the past few days, we have seen a break below the previous low at 0.118 – 0.120 support level. May have found a temp support at 0.110 for now, but selling can continue towards 0.100 if this fails to hold as well. Trend still down for now with moving averages all pointing lower and with it breaking to new multiyear lows. CFD SELL can be used to ride downside lower towards 0.100 on a further breakdown. Lower Buy stop loss along the way to protect profits.

No comments:

Post a Comment