Wednesday, November 16, 2016

Raffles Medical: May test the 1.40 support soon, more weakness below, cautious, price 1.42

From yesterday’s call, we are indeed seeing more selling pressure with it pushing below yesterday’s low.

Likely to see it attempt a break down below the 1.40 next support.

If that fails to holds, likely a trade to 1.30 where we can see some short covering again. 

Short term trend looks weak with 20 day MA sloping downwards aggressively on past few days move.

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Recent Email:

Sent: Tuesday, November 15, 2016 4:34 PM
Subject: ********* Raffles Medical: A breakdown below 1.45 can see more weakness, price 1.435
Raffles Medical has consolidated above the 1.45 support since March this year and today, we have seen a move below this level. This can pave the way to 1.40 then 1.30 which were the previous low. A bearish rounding top seen on the shorter scale and a bearish double top seen on a larger scale since last year. Cautious long below 1.45 now. Moving averages are beginning to crossover to the downside with momentum indicator also pulling further in negative territory.

For illustration purpose only 

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