Just 2 weeks back, we saw Hi-P approaching the 1.10 key support bearishly..
This support at 1.10 has been holding for more than a year but sellers were attempting to head towards it and potentially break it!
There were already some signs of weakness with trend indicators all starting to point down and hence
Some targets were drawn to the downside to 1.10 first and a potential breakdown to a 2nd target to 0.90..
See what I mean below…
Market was starting to get weaker and any bearish price actions at the support level can see prices coming off sharply..
More for CFD shorts to ride downside..
Just last week, we broke the 1.10 support and even the 1.00 psychological level don’t seems like it can hold well..
Targets were again reiterated on this break down.
To 0.900 then 0.700...
Buyers were just not able to hold off the huge selling pressure coming in…
Was expecting to see some short covering returning near 0.900 but a potential breakdown was on the cards too on market weakness…
Fast forward today, we have seen the 0.800 temp support level broken too.
Moving averages are starting to point towards a downtrend and selling can continue as long as 0.800 is capped for now.
If 0.700 support were to give way, we may see further weakness as drawn..
More for CFD shorts to ride the weakness rather than hold on to long positions for now…
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