Technical Pulse: Haw Par Ltd November 14, 2017 928


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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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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