Technical Pulse: Hi-P International Ltd June 26, 2020 962

Hi-P International Ltd (SGX: H17) has been rising steadily and based on the technicals, the stock is poised to test higher levels:

  1. After prices reached its peak at $1.20 on 9th of June 2020, the stock entered into a corrective wave with a potential bullish flag in place.
  2. The flag formation can be further broken down into a regular flat formation, which indicates wave (iv) in action.
  3. The strong bullish candle on Thursday shows that the bulls are in control. Furthermore, prices have been well supported by the 50-day moving average after the 16th of June.

 

*Timeline of the trade should be between 1-3 weeks from the date issued.

* Should price remain below the psychological price level of $1.20, the stock might enter into a double three corrective action, which will see prices rebound at the $0.90 region. Should that happen, we will place another buy order.

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!