Hi-P Ltd – Daily timeframe
*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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