Now at 2.25…. How low can it go?
Sent: Wednesday, January 20, 2016 10:28 AM
Subject: ************** M1: Breakdown below the 2.50 key support level can see more selling pressure, CFD SELL. PRICE 2.43
Subject: ************** M1: Breakdown below the 2.50 key support level can see more selling pressure, CFD SELL. PRICE 2.43
M1 has formed lower highs over the past 2 months with it trading below the downwards sloping channel resistance level all these while. Today, we have seen a breakdown below the 2.50 support level that has held and rebounded from a week ago. This can open the way to more selling pressure with it finding a new recent low. With 2.50 as the resistance now, we are still bearish on this counter with a trade towards 2.40 then 2.30 possible in the short term. All 3 Moving averages are still pointing lower with downtrend clearly intact below 2.50 now. Indicators are also reversing lower on today’s move. Cautious long, ride the down trend with cfd sell instead…
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