Chart Source: Poemsview 15th May 2019
ST Engineering had a good run up despite the negative sentiment for the last few weeks. It managed to power through and hitting a 5 year high of $4.05. It reported a good set of results this morning but instead of moving up ST Engineering started to come down. Any reasons why?
Maybe we might shed some light into this, just sharing our views only.
- ST Engineering could have ran ahead of its results, with a good set of results being factored into the movement up already.
- Perhaps market was expecting an even better set of results
- Market might have lured unsuspecting buyers in while they took the chance to sell on the results.
- ST Engineering had a good run so some pull back is also good.
With that some pullback would be healthy as this might present an opportunity for an entry.
First support might be at $3.90 breaking this might see more downside to $3.80 . Let’s watch.
Want to know what we’re looking at next?
Drop us a message and we’ll be glad to discuss more.