Ifast didn’t manage to win the digital wholesale banking license announced last friday(4th Dec) evening and saw its stock HAMMERED down over 35% yesterday. What was interesting was that on Friday, Ifast saw a move up in price probably anticipating some sort of announcement and maybe even hopes of winning it. But who knows……It failed to win and eventually saw a MASSIVE GAP DOWN and would probably have trapped many retailers who chased on Friday.
So what’s our game plan now? Should we panic and sell out? These are some of our thoughts.
Lets take a look at the chart. We can see that there is a support at around $2.67 follow by $2.48. The resistance is around $2.95 then the 5ema of around $3.24. If you’re looking at a longer time frame, a scale in at various levels of around the range of $2.70- 2.90 might be a good opportunity. Our target in the longer run is for the price to cover the gap with $3.35 , 3.63 then $3.9 as our upside target. Don’t go all in at once but scale in your investment in 3-4 batches.
We’re hopefully of IFast longer term price and this might be a good opportunity to take advantage of the drop in price.
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Yours
Humbly
Kelwin&Roy
The post IFast – [ Brutal 35% Sell Down, It Is Over Done?? ] appeared first on Singaporehumblestock.
Created by humblestock | Jun 06, 2024