Haw Par Ltd – Daily timeframe
*Entry Price: 13.69 Stop loss : 12.81 Take profit : 14.50
*Haw Par Ltd will be added to the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 13.23 Resistance 1: 14.00
Support 2: 12.82 Resistance 2: 14.20
Price has been moving in a stable uptrend since March 2016 with the 20 and 60 day moving average acting as a springboard for propelling price higher. The long-term uptrend remains intact even after the recent selloff since April 2018. After hitting a record high of 14.1 on 30/04/18, price began a correction phase, but the uptrend structure of Higher Highs (HH) and Higher Lows (HL) remain valid despite the -9% selloff.
The 60 day moving average halted the selloff once again on 30/05/18, and the uptrend appears to have returned. The bullish follow through since 30/05/18 succeeded in breaking price above the downtrend line and 20 day moving average on 05/06/18 signals the resumption of the uptrend. Moreover, the volume has been picking up lately showing growing interest.
Expect price to head higher next to test the 14.00 resistance area followed by 14.20. The 30/05/18 low of 12.82 should be the next higher low (HL) point for this uptrend.