Haw Par Ltd – Daily timeframe (Update from 18 August 2017)
*Take profit: 11.98
Current Sentiment: Bearish
Support 1: 11.92 Resistance 1: 12.44
Support 2: 11.60 Resistance 2: 12.50
The uptrend resumed as expected after the last update as the 10.55 double bottom propelled price higher. The bullish move continued for two more months before some form of weakness appeared. Price tested a high of 12.44 on 10/11/17 and had yet to make any advancement since then. There was another bullish attempt to take price higher more recently on 09/11/17 where price formed an intraday high of 12.47, only to closed near the day’s low at 12.25. As a result, a shooting star with increasing volume was formed.
Moreover, the subsequent bearish follow through on 13/11/17 has further validated a double top bearish formation off the 12.44 resistance area.
Hence, with the ongoing bearish price action, we have decided to close out our position in Haw Par since 18/09/17 at 11.98 in anticipation of a correction. As a result, this trade contributed an equal-weighted gain of 0.48% gain to the “Phillip 20 Portfolio.”
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