ThaiBev – [ Broke Down From Our Uptrend Line, What To Look Out For?]
Chart Source: Poemsview 6th May 2019
ThaiBev broke our uptrend line due to the surprise news that Donald Trump threatens to increase tariffs and China postponing trade talks. More can be read HERE.
The overall market took a big hit with STI falling over 110points in midday trading. Thaibev being part of the STI component contributed to the fall. We haven’t seen such a big fall in the last few months and traders all scrambled for the exit door.
ThaiBev despite being on an uptrend also took a hit. It fell below our uptrend line and if it doesn’t manages to regain its footing by the end of the day there might be further downside. Its next support might be at the horizontal support of $0.775 which is also the 100ema.
There is some downside meat left if you ask us. But do take note that its results will be released This coming FRIDAY after market.
Do you have a sound and actionable trade plan?
Is it critical to have a trade plan which includes the entry price, stop loss, profit target in order to ensure that your trade is of good quality. With that then will a trader have confident in entering a trade.
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Yours
Humbly
Kelwin&Roy
