Like the broader market, Saizen REIT retreated today. Opening at 17c, it reached a low of 16c before closing at 16.5c. This is also on the back of higher volume. MFI and OBV are in decline, suggesting a lack of buying momentum.
Taking a look at the weekly chart, we see that the 20wMA is flat, coinciding with the 38.2% Fibo line at 15c. Expect 15c to be a strong suppot. With today's heavy volume selldown and the negative divergence between price and volume seen on the weekly chart, further decline in price to possibly test 15c cannot be ruled out.
I put in a queue last night to buy at the 16c support level. That was filled. I will put in a buy queue tonight at the next support level.
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