Raffles Medical: Downtrend continuing with target almost hit, price 1.04. System says?

Following up from previous blog post  on the 1^st of August >>> http://singaporetradinginsights.blogspot.sg/2017/08/raffles-medical-target-breached-but.html

We have indeed seen more selling with Raffles Medical hitting a new low over the past few days at 1.025 with our next target at about 1.00 almost hit....

See the previous chart shown again..

For illustration purpose only

Infact over the past 3 weeks, there were also continued calls for more weakness when it was around 1.155...

And charts were relooked at again and target reaffirmed...

Downside target same, to about 1.00...

See what I mean.

For illustration purpose only

For now, we are starting to see some short covering near 1.00 which is normal given the extent of the sell down....

I would say that the 1.00 can offer some respite for now but any specific price action below can still see the selling continue....

What about the SYSTEM where PTI grads have accessed to?

Well, Bearish signals were actually already activated way before, in June....

See what I mean below...

And for the recent Bearish Entry signal, there still isn’t an EXIT.....

Cautious long..... especially if 1.00 fails to hold too....

Looking forward to share more about this SYSTEM in my upcoming seminars..... dates will be finalized soon.... ;)

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For illustration purpose only

Weakness spotted !! Starhub, Spackman, Raffles Medical, M1, DairyFarm. More selling to come?

Over the past 1 – 2 weeks, we have seen strength in some of the counters that we have covered like Venture, Hi-P, YZJ Shipbldg and Citydev etc which have surged to a new high….

Calls were made to protect profits and also to lock in some gains given the run we have experienced…. 

We are still NOT seeing exits in some of them actually even though there are some profit taking which is normal after the rally… 

PTI grads can check system..

However, the market is not all good and rosy for some other counters.

In fact we have already spotted weakness in these counters whose downtrend has been continuing to play out as per our downside targets drawn over the past few weeks to months…

I hope no one is holding on to these counters blindly…

I mean why not think about riding the WEAKNESS of WEAK counters like some of us already have and may continue to do so?

Make sense?

For strong counters, we ride it up. For weak counters, we ride it down. It’s really that simple.

Anyway, cautious long position if you are still holding as mentioned in note to clients many times…

Not yet a client and want to be alerted OF DANGERS  like these ? >>> CLICK HERE

Let’s see what are the downside targets drawn and what was sent below..

Starhub – Still looks like heading towards our target at 2.50…. Not good when it broke the 2.70 last week already. Price 2.54

For illustration purpose only

M1 – A New recent low today again as it approaches 1.70 target, hope that holds too if not to 1.60 as drawn? Price 1.71

For illustration purpose only

Raffles Medical – 1^st target hit, what about the next one? Price 1.10

For illustration purpose only

Spackman – Pushing lower towards next target, price 0.105

For illustration purpose only

DairyFarm - Breaching next support... more selling below 7.50 possible. Price 7.48

Raffles Medical: May test the 1.40 support soon, more weakness below, cautious, price 1.42

From yesterday’s call, we are indeed seeing more selling pressure with it pushing below yesterday’s low.

Likely to see it attempt a break down below the 1.40 next support.

If that fails to holds, likely a trade to 1.30 where we can see some short covering again. 

Short term trend looks weak with 20 day MA sloping downwards aggressively on past few days move.

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Recent Email:

Sent: Tuesday, November 15, 2016 4:34 PM
Subject: ********* Raffles Medical: A breakdown below 1.45 can see more weakness, price 1.435

Raffles Medical has consolidated above the 1.45 support since March this year and today, we have seen a move below this level. This can pave the way to 1.40 then 1.30 which were the previous low. A bearish rounding top seen on the shorter scale and a bearish double top seen on a larger scale since last year. Cautious long below 1.45 now. Moving averages are beginning to crossover to the downside with momentum indicator also pulling further in negative territory.

For illustration purpose only