On the 4hour charts, STX tested its 50 period moving average and has closed below it again. The over all trend is still down with the 50 period and 30 period averages still nicely spread out. STX is still trading below its 200 period moving average as well. Stochastics is overbought and turning down. This combined with candle formations indicates that STX should be continuing the downtrend.
We recommend a sell at or below $S8.20. Investors with higher risk appetite can sell on the opening. Take profits at S$6.73, slightly above support. Recommended stop is at $S8.80.
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