Global Logistic Properties (One Black Crow)
As we clearly predicted over the weekend, the Straits Times Index (STI) retraced as investors look to take profit. Global Logistic Properties (GLP) too, experience a selldown and triggered a “One Black Crow” bearish Japanese Candlestick formation on the technical charts.
GLP currently trades near it’s support around 1.715. Watch this counter closely as a break of that level of support could see a further retracement to test it’s next level of support at 1.61. On the technical charts, Stocastic looks to be forming a potential bearish crossover. RSI is also showing signs of weakening in this counter.
However, if GLP managed to close tomorrow’s trade above 1.715, that would negate the bearishness and GLP could potentially trade higher to test it’s next level of resistence at 1.78. Invest with caution.
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