Haw Par Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 8.80 Resistance 1: 9.20
Support 2: 8.68 Resistance 2: 9.36
Price has been moving in an uptrend since February 2016 and recently entered into a correction phase. Nonetheless, the uptrend was held up firmly by the confluence of 8.80 support area and 20, 60 day moving average.
The sharp selloff on 06/10/16 was once again defended by the 8.80 support area resulting in price forming a hammer, suggesting the resumption of the uptrend next. Moreover, the hammer rejection was backed by increasing volume which also broke price above the pullback line.
Expect price to head higher next to test the 9.20 resistance area followed by 9.36.
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