Hi-P International Ltd(Current Price: $0.89)
Sell spot: 0.89 Stop loss: 1.02 Take profit: 0.30
Hi-P international (SGX: H17) strong sell-off since 14th Jan 2020 has tumbled the stock price to below 1.00 and based on the technical, the sell-off will continue:
- Bearish flag formation below the selling zone and the 38.2% Fibonacci retracement indicate that the seller is re-entering.
- Dark cloud cover formation and the inside bar doji formation below the selling zone and 38.2% Fibonacci retracement shows a clear incoming of the bears.
- The 50 Simple moving average has crosses below the 200 Simple moving average resulting a death cross, signify that the stock is in a bearish mode.
- Stochastic Oscillator shows an oversold crosses, indicating a strong sell-off,
*Timeline of the trade should be between 1-3 weeks from the date issued.