Since the beginning of the year, we have already seen signs of a downtrend in SPH..
In fact, just last month, we 𝐫𝐞𝐢𝐭𝐞𝐫𝐚𝐭𝐞𝐝 𝐬𝐨𝐦𝐞 𝐝𝐨𝐰𝐧𝐬𝐢𝐝𝐞 𝐭𝐚𝐫𝐠𝐞𝐭𝐬 when it was trading at 1.34, as it was just not able to climb back above some key resistance level.
Downtrend looks intact as a result.. 📉📉
Joey here, Top Tier Remisier in Phillip Securities.
Over the past few weeks, unfortunately, we have seen sellers coming out further and taking price lower.
We have kind of 𝗵𝗶𝘁 𝗼𝘂𝗿 𝟭𝘀𝘁 𝗱𝗼𝘄𝗻𝘀𝗶𝗱𝗲 𝘁𝗮𝗿𝗴𝗲𝘁 that was drawn last month and the question is: ️🎯
"𝘾𝙖𝙣 𝙩𝙝𝙚 𝘿𝙤𝙬𝙣𝙩𝙧𝙚𝙣𝙙 𝘾𝙤𝙣𝙩𝙞𝙣𝙪𝙚?"
Well, I wouldn't rule that out for now.. 🤞
The thing is, we are now at this KEY support level and it seems like 𝐬𝐞𝐥𝐥𝐞𝐫𝐬 𝐚𝐫𝐞 𝐚𝐭𝐭𝐞𝐦𝐩𝐭𝐢𝐧𝐠 to break that too.. 😢
Watch this video to see 𝐖𝐇𝐘 you want to be cautious if this level breaks and 𝐖𝐇𝐄𝐑𝐄 it can potentially head to next.
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