Technical Pulse: Hi-P Ltd July 7, 2017 35

Technical Buy

Hi-P Ltd – Daily timeframe

10 jul

*Entry Price: 0.950                Stop loss : 0.840                Take profit : 1.095

*Hi-P Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.850                   Resistance 1: 1.000

Support 2: 0.785                   Resistance 2: 1.095

Price has been moving in a sturdy uptrend with rising volume since March 2017 and it only went into a significant correction recently after the 1.000 psychological resistance area rejected price.

Nonetheless, the long-term uptrend remains intact as the 0.850 resistance turned supported area succeeded in halting the selloff. In addition, the rebound off the 0.850 support area since 28/06/17 has also managed to move price back above the 20 day moving average shows sign of strength. Moreover, there was an increasing volume bullish break above the pullback line and 20 day moving average on 06/07/17 suggests the resumption of the uptrend.

Expect price to leap higher next to test the 1.000 resistance area next followed by 1.095.

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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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