As discussed previously, broken down of short term uptrend on 25-Jun (Orange circle). Subsequent to news on bond issue and stepping down of founder as chairman, further break down of second trend line (Green line) on significant volume.
However, price has stayed above the short term downtrend line (Orange line).
Any break-down of the orange line should see the price testing support of 1.53 [as mentioned in previous entry (19-Jul)].
New short position not considered due to limited profit even at target price of 1.53.
Current short positions should ride the wave down and consider profit taking at 1.53.
Long positions are to be avoided.
Current long position should seek to cut loss on rebounds.
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