From yesterday’s call, we are indeed seeing more selling pressure with it pushing below yesterday’s low.
Likely to see it attempt a break down below the 1.40 next support.
If that fails to holds, likely a trade to 1.30 where we can see some short covering again.
Short term trend looks weak with 20 day MA sloping downwards aggressively on past few days move.
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Recent Email:
Sent: Tuesday, November 15, 2016 4:34 PM
Subject: ********* Raffles Medical: A breakdown below 1.45 can see more weakness, price 1.435
Subject: ********* Raffles Medical: A breakdown below 1.45 can see more weakness, price 1.435
Raffles Medical has consolidated above the 1.45 support since March this year and today, we have seen a move below this level. This can pave the way to 1.40 then 1.30 which were the previous low. A bearish rounding top seen on the shorter scale and a bearish double top seen on a larger scale since last year. Cautious long below 1.45 now. Moving averages are beginning to crossover to the downside with momentum indicator also pulling further in negative territory.
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