Technical Pulse: HRnetgroup Ltd April 8, 2021 131

 

HRnetgroup Ltd (SGX: CHZ) technical shows that the upside is set to continue to rally once more:

 

  1. HRnetgroup has been on an uptrend since its corrective rebound from $0.435 on 11th September 2021 last year and since then, the stock has been making a series of higher highs and higher lows, confirming the uptrend
  2. The ascending triangle has been sustaining above the Fibonacci expansion of $0.405-$0.540 and $0.435 at 161.8%. indicating a strong bullish confirmation ahead.
  3. Prices has been trending above all three major moving averages after the golden cross was formed.
  4. Despite multiple oversold crosses of the stochastic, the stock is not experiencing any sell-off but rather a consolidation in the form of an ascending triangle as mentioned above.

 

 

 

*Timeline of the trade is 6 weeks from the date issued.

 

CHART LEGENDS

 

Moving average

Red dotted line = 200 periods Moving Average

Blue dotted line = 50 periods Moving Average

Green dotted line = 20 Periods Moving Average

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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