Is it still negative? Did you manage to sell along with us?
From yesterday’s SELL CALL, it seems like a HEAVY SELL down on strong volume below the 1.40 temp psychological support today. Trend still looks really weak below the 1.40 level no and can see it head towards our next target at 1.30 as mentioned previously. We can expect some bargain hunting and short covering near 1.30 so those who have already locked in CFD SELL can consider scaling back some long position to cover near there. Also lower buy stop loss to protect profits…..
From previous sell call last week, SingPost has found some support at the 1.45 level but it was unable to cross back above the 1.50 key support turned resistance level. Today we have the breakdown of the 1.45 support level again on heavy volume which see it at a new recent low. Likely to see some support at 1.40 for now but again the consolidation has been lowered again. Trend is still negative with all moving averages still pointing lower. Those who have shorted previously can consider covering some shorts near 1.40 first to take some profit given the sell down today. CFD SELL to ride the weakness towards 1.30 next on a close below 1.40 now. All indicators still negative and no sign of reversal as yet. Those looking to long can scale some trades in near the 1.30 which was holding very well in 2013 and we may see a technical rebound from this level.