ST Eng broken the 3.80 support level yesterday and still did not manage to get back up above today. 3.80 support was holding very well in Dec last year and Jan this year till it trended higher. More downside is likely if 3.80 remains as the new resistance level. As long as ST Eng does not creep back up above within the next 2 days we are bearish with downside target set as 3.62, then 3.50. At this price level is has also broken below the 200 DAY MA (Dotted blue line) which can signal more weakness.
Buy Stop at 3.83.
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