Hit a low of 1.70 our first target before staging a rebound with the rest of the market. Let’s see if it can cross back above 1.80 now.
CONGRATS to clients who manage to lock in some CFD SELL positions on breakdown yesterday….. now at 1.775
Sent: Monday, August 24, 2015 11:52 AM
Subject: ******* SingPost: Breakdown of 1.80 support with Bearish Head and Shoulder Pattern spotted... price 1.785
Subject: ******* SingPost: Breakdown of 1.80 support with Bearish Head and Shoulder Pattern spotted... price 1.785
Singpost has broken below the critical 1.80 support level today on above average volume, this level had been supported since September last year. A bearish Head and Shoulder pattern spotted with a breakdown of the neckline support seen also which can initiate a reversal of trend to downwards finally. Staying below 1.80 over the next few days would not be a positive with downside target to 1.70 then 1.60. CFD SELL positions can be used to ride any weakness as long as 1.80 is the immediate resistance now. Has pulled away from all 3 moving averages on this clear breakdown with technical indicators beginning to point lower. Cautious long.
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