Chart Source: Poemsview 28th Jan 2020
SIA or Singapore Airlines Ltd was a stock that got hit hard due to the spread of the wuhan virus around the world.
Tourism stocks and airlines stocks usually takes a hit as their bottom lines will be affected due to cancellations or postponing of trips.
Medical stocks on the other hand will likely see an uptick as in the recent case like medtecs, top glove, riverstone and a few others.
As for SIA, we felt that it will be negatively hit if wuhan virus continues to spread and we could still be in the beginning phase of this virus. Furthermore, the spread might magnify after the chinese new year visitation.
We alerted our CFD CLIENTS for them to take note of SIA being a short candidate just last Thursday before the cny holidays. As market opened today, SIA immediately gapped down and hit our second target of $8.58. We’re looking at the next downside target to be around $8.40
As the wuhan virus is spreading, do take extra precautions and wash your hands frequently with soap. We wish our readers a healthy and happy lunar new year.
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