Just about 2 weeks back, we spotted SPH heading towards the key 2.30 support..
It has been holding above this level since 2018 and so any breach below this support was crucial..
There were also signs of weakness in the mid to long term trend as we approached the level and hence…
Would want to prepared of more downside on a break down…
Some downside targets were drawn as the bearish action played out eventually…
Downside to 2.00 first… see what I mean…
Over the past 2 weeks, we have seen more selling pressure and targets were reiterated…
Short term moving averages also started pointing down more aggressively…
We have broken below the 2.30 support firmly as mentioned and it was just not able to climb back up..
As such, sellers regained control and took it lower,
Over the past few days, we have traded lower and are now at the temp 2.20 support and seems like that is not holding either..
Targets are reiterated again and downtrend can still be intact below 2.20 now…
Will likely see more selling before some short covering happened as we approach the critical 2.00 psychological support..
Watching..
More for CFD shorts to be taken to ride any weakness and profit from the downside... let’s see where we are now below..
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