Genting Sing: Downside target hit and some short covering expected, but worst may not be over Price 0.87
Following up from previous blog post about 2 weeks back >> http://singaporetradinginsights.blogspot.com/2018/10/genting-sing-more-selling-happening-as.html
Seems like we have hit our downside target at 0.88 over the past few days where some short covering is seen…
Sellers started to push it down lower towards 0.85 where we may see some consolidation from 0.85 to 0.90 before more direction again..
The worst may not be over if we spot more bearish price actions below 0.85 too…
See downside targets that were reiterated again last week.. hit!
The downtrend still looks firmly intact for now, especially below 0.900.
From the PTI system, the bearish signals still not showing any exits…
Note that the previous low we have seen in 2016 was at 0.65 – 0.70, so we may be attempting to head towards there before some good bargain hunting returns again..
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