Technical Pulse: Haw Par Ltd April 26, 2017 135

Haw Par Ltd  – Daily timeframe  (Update from  3 April 17)


Current Sentiment: Bullish

Support 1: 9.76                     Resistance 1: 10.14

Support 2: 9.59                     Resistance 2: 10.20

Price got rejected off the 10.14 resistance area once again after the last update, moving price into another correction since 05/04/17.

However, the uptrend remains valid as the correction was halted perfectly off the confluence of 60 day moving average, 23.8% Fibonacci retracement level and 9.76 support area. Additionally, there was an increasing volume bullish break above the 9.98 immediate range high and 20 day moving average on 25/04/17 suggests another possible attempt for the bulls to break above the 10.14 resistance.

Expect the uptrend to resume next for price to test the 10.14 resistance area followed by 10.20.

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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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