Tuesday, August 6, 2019

Man Oriental USD: More selling to continue amidst market weakness? Price 1.50

Just about 2 weeks back, we spotted some weakness in Man Oriental which has been in a downtrend since the beginning of the year..

It was approaching the key 1.70 support that has been holding for more than 2 years since 2017…

Sellers seems to be attempting to finally break this support,

Some bearish price actions were spotted and together with indicators that pointed towards a downtrend,

Downside targets were drawn towards 1.50 first…

See what I mean…

We have indeed pulled away from the 1.70 level as sellers took it lower last week…

Heading towards next support at 1.50 as drawn..

Targets were reiterated again as we head lower and more importantly revised even lower if 1.50 were to break down too..

Seems like buyers were just not able to hold especially with market weakness coming back and STI selling down over the past few days..

We are now at 1.50 where some short covering is happening..

But will not rule out more downside on more bearish price actions spotted and a firm breakdown again where next target can be on tracked... watching…

More for CFD shorts to ride any weakness as prices heads lower… would be good to cover shorts along the while protecting profits.

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