About 1 month ago, we some pretty negative price actions in SPH with it breaking the 2.85 support level that it has held for 2 weeks...
I mentioned that this can open the way to more selling with more downside momentum with it at 2.82 then..
Fyi, we actually had previous sell calls on it in May 2017 that was on the blog>>> https://singaporetradinginsights.blogspot.sg/2017/05/sph-final-downside-target-hit-at-320-is.html
And targets for that were already hit long ago...
Anyway, with that move, new targets were dawn again and revised lower to 2.70 then 2.50.
See what I mean.
Inote chart - 12 Sept 2017
Over the past few days, we have seen the selling accelerate again when the 2.70 level gave way too...
And looks set to test the 2.50 second target where we may see some a technical rebound....
Arrows drawn a month back playing out well...
Question is: Can there be more weakness ahead?
Yes. It can be possible... I am not surprised.
If even the 2.50 support gives way on a specific price action.... the downtrend can continue....
For the SYSTEM...
We have actually seen some BEARISH ENTRY SIGNALS since March....
The most recent one last month has NO EXITS yet....
Check it out below.
PTI System chart - 12 Sept 2017
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