Technical Pulse: Hiap Seng Limited December 7, 2016 25

Hiap Seng Ltd – Daily timeframe


Current Sentiment: Bearish

Support 1: 0.145                   Resistance 1: 0.155

Support 2: 0.141                   Resistance 2: 0.162

Price has been creeping up gradually here but the current bearish price action signals an underlying weakness within the uptrend. There was a sharp spike in price on 06/12/16 where price hit a high of 0.157. However, the 0.155 overhead resistance succeeded in knocking price back down to the days open resulting in the formation of a gravestone doji. Additionally, the bearish rejection was backed by increasing volume.

Expect price to enter into a correction phase next to target the 0.145 support area followed by 0.141.

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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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