Technical Pulse: HMI Ltd June 6, 2017 96

Technical Buy

HMI Ltd – Daily timeframe  (Update from 23 May 2017)


*Entry Price: 0.705        Stop loss : 0.585       Take profit : 0.800

Current Sentiment: Bullish

Support 1: 0.610                   Resistance 1: 0.730

Support 2: 0.595                   Resistance 2: 0.755

A significant bullish breakout finally occurred on 05/06/17 after another period of consolidation around the 20 and 60 day moving average. After the last update, price went into a consolidation for the following 9 days before the breakout happened.

Buyers have essentially broken out of the triangle since November 2016 and 0.680 key resistance area on 05/06/17 with surging volume signals the end of the prolonged correction. Price should continue to move inline with previous reports.

Expect the uptrend to resume next for price to test the 0.755 resistance area followed by 0.800.

Note: Our current fundamental view on HMI is a Buy rating with a fair value of $0.830.

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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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