ThaiBev has dropped 12% from an intraday high of $0.920 on 14 Feb 2018 (before the results) to trade at $0.810 on 23 Feb 2018.
At $0.810, this was the lowest last seen on 13 May 2016. Will it go lower?
Based on Chart 1 below, ThaiBev is entrenched in a strong downtrend with all the exponential moving averages (EMAs) moving lower, coupled with death cross formations. The breakdown at $0.895 points to an eventual measured technical target of $0.805 which is attained today. Since its result release on 14 Feb after market, the volume of shares transacted post its results reached more than 40m shares each for the past five out of six trading days. On 15 Feb, the volume of shares transacted hit a one year high of 102m shares. Today marks the sixth trading day after the results, thus …