So yet again, price range was as expected. I spoke of a possible support zone of 4.5-4.8 on Thursday and reminded of it once again yesterday.
SYR as expected played to perfection yet again and was attracted to the 4.5 level almost soon after at open, was moving around close to 4.5 all day and finally closed 1 cent ahead of 4.5 at 4.51
There has been some talk today about shorting and how this all happened because of that, but honestly, the market has given very clear signs all along of what was to come. I say this because I have myself warned at each zone.
Zone 1 – 6.4 (very close to all time high) downwards– Where I first was bearish, and mentioned that fundamentals don’t justify the price. SYR has lost 520 million dollars in diluted market cap just since then in 1 and a half month
Zone 2 – 5.75 downwards – Where I came back to comment after a few weeks sensing that something bigger was possibly cooking. Flash crash happened few days later.
Zone 3 – 4.97 downwards- Where I reminded of the 4.72 long term resistance. Price shortly went to the 4.8 zone
Zone 4 – 4.81 downwards- Soon, as we approached the 4.8 price, this was where I spoke of how 4.7-4.8 could give some support and worked out absolutely perfectly for 5 consecutive days.
Zone 5 – 4.69 downwards – Where I reminded yesterday that now that we have gone below 4.7, 4-5-4.8 could offer the next level of support.
There have been practically no surprises so far. There were some permutations and combinations that had to worked out last week and I mentioned that it was getting very difficult to sense the direction and I mentioned possible prices if share price went in the bearish direction. Once share price went in the bearish direction,it has come true down to the last detail; so really no surprises. I hope that many mums and dads would have taken the warnings well at 6.4 and those who did would have saved 30% of their capital.
As I mentioned, last week, it is getting very difficult to anticipate what is coming next and perhaps market might give more confirmation in time; but really no major surprises till here.
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