06181.HK302.2 kept grinding lower as its luxury positioning continued to unravel, exactly as I warned.

Excerpt from Tactical Positioning | Week of 07.13:
"6181 has positioned itself as a luxury gold brand, with its products priced at a significant premium to competitors. Traditional luxury fashion houses command that premium through heritage, craftsmanship, and status. 6181 has failed to establish the first two. As gold falls, the frenzy fades, and the stock price tanks, it will likely struggle to sustain the third. That makes its luxury positioning increasingly questionable.
If 6181 cannot rebuild that positioning over the coming years, its valuation will likely converge toward peers, leaving further downside as the multiple compresses."

The technical map proved surgical again. Last week, 6181 was rejected at the descending trendline around 400. I warned that a break below the prior low around 350 would confirm another leg lower. That break came today. Price opened below 350 and was dumped straight to 300 on sharply higher volume. 350 is now the first resistance. Unless 6181 closes back above it, the breakdown remains intact and the path of least resistance stays lower. Even then, the descending trendline remains the controlling resistance.