Technical Analysis: Haw Par Limited October 7, 2016 10

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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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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