Hyflux Ltd  – Daily timeframe (Update from 30 November 16)

Current Sentiment: Bullish

Support 1: 0.480                   Resistance 1: 0.535

Support 2: 0.470                   Resistance 2: 0.550

Due to the lack of bearish follow through after the last update, price continued to hover around the 20 and 60 day moving average with the 0.480 support area holding price up.

The current price action might be hinting a reversal here as price broke above the immediate pullback line and 60 day moving average with increasing volume significantly on 13/12/16.

Expect price to head higher next to test the 0.535 resistance area followed by 0.550.