Tuesday, February 2, 2016

ST Engineering: Don't look good below 2.80 as mentioned.... cautious long.....

Let’s see if the 2.70 holds for now…. Now at 2.73 already….. pretty fast sell down spotted….

Sent: Tuesday, February 02, 2016 9:39 AM
Subject: ******************** ST Engineering: Broke down below 2.80 support, more selling on a close below likely.... price 2.78
ST Engineering has been supported above the 2.80 level since August but today we have seen it break below this support on above average volume. Longer term moving averages are still pointing lower with downtrend intact now below 2.80 especially. Next support at 2.70 now. As long as 2.80 is a resistance now, we can still expect more weakness on this move with a Bearish head and shoulder pattern seen too. 2.60 was the low seen in Dec 2011 so it may try to head towards that level of the 2.70 fails to hold too… cautious long below 2.80 now with indicators also starting to trend downwards

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