Just last month, even before the property cooling measures were introduced, there were some signs of weakness in Oxley..
Trend has kind of turned down with indicators pointing lower and it was trying to hold above the temp support at 0.44…
Some bearish price actions was spotted and hence targets drawn… see what I mean…
We also had some bearish signals from the PTI system…
Over the past 2 weeks, we have indeed seen more weakness in Oxley where the selling accelerated when the cooling measures was announced.
I was caught surprised by the measures too but even before that was announced..
The counter was already looking weak and there was a high probability it could trade lower…
In fact, downside targets were reiterated just as it approached the 0.400 psychological level…. Before the property market in Singapore was caught by surprise…
Fast forward to today, over the past week we have indeed hit our target at 0.32 and then a technical rebound seen..
And right now, we are back to the 0.37 resistance where sellers may be lurking again..
As long as 0.37 is a cap, downtrend may still be intact and selling can still play out towards 0.32 again…. Watching….
Would be good to protect shorts for now too and take some profits after riding the weakness….
See below to see where we are for now…
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