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Tuesday, 5 May 2020

Propnex Realty (in sync with big sunset tide of property markets worldwide): 5 May 2020, Tuesday

Propnex Realty (in sync with big sunset tide of property markets worldwide):
5 May 2020, Tuesday
(Click on the Technical Chart Above to Expand)

Attached above is the technicals of Propnex Realty, another property market related company listed in the Singapore SGX. Propnex price actions had been in sync with the big sunset tide of property markets worldwide which I had pointed out clearly with respect to the interest rate cycles. After consolidating in slow, draggy and limpy dead cat bounce in 2019, it has broken down the brown trend line as shown. It is doing a backtest right now and is expected to be a successful backtest of the brown trendline as resistance. The green circled region is a minor struggling escape wave to further suck in retail investors and traders. Based on technicals projecting 15c down, the next target is $0.35, representing a straight -30% fall in value, before consolidation happens again for the next dead sunset cat bounce.


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