Following up from previous blog post last month where Capitaland was at 3.30, it was mentioned that there can be more downside if the next key support were to break down…
See blog post here again >> http://singaporetradinginsights.blogspot.com/2018/06/capitaland-selling-lower-as-mentioned.html
Some downside target were drawn earlier and new ones reiterated…
See what was projected again…
As the first target above played out… we were expecting some short covering near 3.25 before the downside continued…
Trend indicators were also looking weak and key supports were broken again…
Note that this was EVEN BEFORE the property cooling measures were announce on the 6 July 2018
And the thing is the price are already showing weakness before that…
See reiterated target below as the selling continued…..
Following the announcement on the new property measures introduced (6 july 2018) where Government raises ABSD, tightens LTV after strong property price gains.
We have seen the 3.10 support breaking furiously and the downtrend accelerated…
Heading towards our 2nd target as drawn at 2.95 before some short covering after the massive sell down..….
It was also mentioned previous that we had a Bearish signal on our PTI system…
We have finally seen the Exit on our bearish signal recently and then some slight strength came back.. See below what I mean… playing out as per downside target step by step…
We were capped below the 3.10 resistance for more than a week but seems like buyers managed to breach this level over the past few days…
May see some short term upside towards 3.15 – 3.20 before selling pressure comes back..
Will be looking to see if there will be another entry signal, whether to the upside or downside…
Really depend on how prices play out for now…
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