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Saturday, January 16, 2016

SMRT

SMRT - 17th January 2016

SMRT is on a downtrend mode as reflected from the chart.
The current price of $1.365 is hovering below 14SMA & 25SMA lines which is generally quite negative. It has broken down the support level at $1.38 which is rather crucial and me see further selling down pressure.



Both MACD & RSI are pointing towards downtrend mode which may see further weakness for the price to head lower towards $1.335.

Breaking down of $1.335 with great volume may it price head further South towards $1.29 then $1.20.

Current market trend is gearing towards down trend mode. STI has just broken the critical level of 2700 points and may continue to trend lower towards the next support level at 2520 points.

The market trend is more favourable for shortist .

Shortist may camp over night at $1.335 to wait for this price to be taken out. Once $1.335 has been taken down they can expect to book a profit and let the weakness of the price to fall towards $1.29 then $1.20...

(trade base on your own decision)




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