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.