Bearish break suggests more downside ahead
Key supports breached.
Parkway Life REIT could face further selling pressure after failing to overcome its 1.5-year downtrend resistance recently; this was followed by a strong bearish break of both its 5-year uptrend support and $2.35 key support on heavy volume yesterday.
Indicator is bearish. The MACD has just initiated a sharp bearish crossover right below its centerline, suggesting that the downside momentum is accelerating.
Target price at $2.15. The counter could possibly slide towards the next key base at $2.15 (key resistance-turned-support) in the weeks ahead.
Stop loss level at $2.40. Meanwhile, we advocate a stop-loss exit for short sellers around $2.40, which is slightly above the newly established support-turned-resistance of $2.35.
No comments:
Post a Comment