Raffles Education: Downtrend in force.

Raffles Education's downtrend continues. Distressed shareholders must be wondering if there is any end in sight. 29.5c is where we find the merged 20d and 50d MAs. This level was previously a support and is now resistance. Volume expanded as price drew to a close at 27.5c in the last session.

The MACD is declining in negative territory.  Momentum is clearly negative. After enjoying a brief period of accumulation from 26 July, distribution activity which started on 11 August has wiped out all gains in the OBV by the end of the last session.  Traders who were nimble enough to offload at 31c before the distribution activity took hold would have made a gain assuming they bought in at 29.5c.

Raffles Education's downtrend is in force and it would take a brave punter to try and make money trading this counter. Selling on rebounds is the strategy to adopt here, at least until there are clearer longer term reversal signals.

Related post:
Charts in brief: 16 Jul 10 (Part 3).