CFD Trading – Sell Frencken (E28.SGX) at $0.975. Stop at $1.020. and Target at $0.895.

Frencken Stock Code E28.SGX

Outlook
Price broke below the cloud 4 days ago and has stayed below the cloud for the past 3 days. This was after a price move to break above the cloud. Yesterday, we saw a Bearish Engulfing candlestick price pattern, which is a hint of a price downtrend ahead. Conversion line and Base had a bearish crossover, hinting of a bearish trend ahead. Lagging Span is below the cloud but is above price of 26 days ago and unable to give a strong confirmation of a bearish trend. MACD is still bullish with both its lines above the zero line but MACD has a bearish crossover, hinting of a bearish trend ahead. We think price could be about to make a down move to the previous resistance turned support line at $0.895.

Strategy                  
$0.975                Short Sell
$0.895                Price Target
$1.020                Risk Management Stop
3 weeks              Trade Duration

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