SingPost: Neared the 1.40 resistance last week..... BUT more sellling again as it approached.... now at 1.34

Range still from 1.30 to 1.40 now…. Trend still negative below 1.40….

Sent: Friday, January 29, 2016 9:44 AM
Subject: ********* SingPost: Sell down then rebounded from 1.30 level... where to.... price 1.33

From yesterday’s call, we have indeed seen Singpost traded towards the 1.30 support level and a slight rebound from there. Those who have shorted along with us, I hope you have already scale back some long positions to cover as it nears the 1.30 support. As mentioned, this 1.30 support should hold in the short term and is a pretty good support given that it has held from Jan to Mar 2014. Resistance would now be at 1.35 – 1.38 and any temp technical rebound may face some selling again as it approaches this level. As long as 1.40 is a resistance, we are still short term bearish and would continue to ride the DOWNSIDE back down with CFD positions as it nears this resistance now. With a buy stop loss lowered to 1.415. A break down below 1.30 firmly with a close below can see it trade towards 1.10 then 1.00 where it may start to find a new consolidation again. We Shall see as it goes.