Just 2 weeks back, we spotted some bearish actions in Singpost with it testing the support at 1.22..
This level was key as it had rebounded from this level for 3 periods since the beginning of last year…
Any bearish move below could post more weakness…
Hence some downside targets were drawn… See what I mean
Were expecting it to test the psychological 1.20 too and seems like that has broken as well…
We have indeed seen more weakness with Singpost heading towards our 1.10 downside target over the past week…
Where buyers might start to return for some short covering…
May likely consolidate above 1.10 over the next few days or week before more direction…
Would not rule out more downside on more bearish actions below 1.10 too… Watching…
See where we are below…
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