Wednesday, May 31, 2017

SPH: Final downside target hit at 3.20.... is the worst over? Price 3.21

Just last month, we saw some weakness in SPH and clients were alerted.... it staged a slight rebound but only to be met with more heavy selling....

All the way to where our arrows are drawn previously (See below).

Fundamentally, it has seen earnings coming in below expectations with conditions expected to remain challenging for its media business. Momentum indicators were also pointing negative then.

See what I mean!  ;)

For illustration purpose only

Finally we have seen it hit our final target at 3.20 today as per the arrows drawn in the chart previously.

Currently, we are seeing some rebound or short covering near 3.20 which is normal. 

May also see a temp technical rebound back to 3.25 – 3.26 before seeing selling again.

However, as long as 3.26 is a resistance, we can still see more weakness.

Any firm price action below 3.20 can see a new recent low to 3.10 then 3.00, I won’t be surprised, cautious long....

From the system, yes we had some BEARISH SIGNALS.... still there.....

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