Just about 2 weeks back, we spotted some heavy selling in Singtel with it breaking the key 3.30 level…
Trend indicators were all pointing down on this break down and there were also some bearish signal on the PTI system….
Hence some downside was expected with sellers to take it lower….
See targets that were drawn then…
We have managed to see some support coming back over the past week at 3.10 but downside targets were reiterated….
Today indeed, we are still seeing weakness with the 3.10 breaking down firmly too…
And sellers are out to push it away from the new resistance at 3.10 now….
As mentioned, may be heading torwards the 3.00 level next.. almost hitting target soon…
Some bargain hunting expected here but more downside not ruled out…. Targets may be revised lower on more bearish price actions…
Clients were alerted to be cautious of more selling pressure over the past few weeks….
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