In July, we saw a quite a good reversal rally in the tech sector with some of the tech counters rebounding off their lows…
Was looking really positive but then we were watching for signs of weakness again whereby the selling can continue…
When Memtech firmly broke the 1.35 then 1.30 level, there were definitely some signs of heavy selling coming back…
And hence some targets were drawn to the downside…
The 1st target at 1.20 was breached in a day and sellers came back even fiercer..
Was seeing some support at 1.20 but likely for that to give way too as per revised target…
Probably to 1.10 next… see what I mean…
Fast forward to today, we have also seen the 1.10 support gave way over the past few days and more selling happened
We are now approaching the key 1.00 level where some short covering may occur…
However, would want to be careful of more bearish price action below the key 1.00 where the selling can continue…. See where we are not below..
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