Thursday, November 15, 2018

Singpost: Downtrend Still Intact For Now... Are You Alerted? Price 0.97

Over the past 2 months we have seen weakness in Singpost with it pushing lower after each minor consolidation…

Downtrend was still firmly intact and just 2 weeks back we were expecting more selling to come back with some bearish price actions spotted.

Hence some downside targets drawn as seen below…

Some short covering expected after each heavy selling and a rebound seen..

But sellers were pretty much still in control below the 1.05 resistance last week and downside target reiterated…

Was expecting the support at 1.00 to give way eventually where more selling can continue..

Seems like we are indeed seeing the 1.00 breakdown over the past few days..

See what is happening below right now..

Downside targets towards 0.900 may still be on the cards.

With 1.00 as the cap for now, downtrend still intact with trend indicators also pointing lower…

Cautious long positions…

Would not want to be holding all the way down but think about riding the downside as it plays out..

Not sure how to do it and more importantly, want to be alerted to counters like this as they play out?

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