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Hyflux: Broke resistance.

Friday, December 30, 2011


On 15 Dec, I said, "Right now, $1.065 is immediate support provided by the 123.6% Fibo line. A stronger support would be at $1.015, the 138.2% Fibo line and a golden ratio."

Hyflux's share price touched $1.015 on 23 Dec, forming a white spinning top at the end of that session. A positive divergence was also formed in the process. A lower low in price and a higher low in the MACD. A buy signal. Congratulations to anyone who went in on the long side then! (I think I was visiting museums, temples and shrines in Ueno that day.)



Its share price has overcome the resistance provided by the 20dMA. Any further increase in share price will see resistance at $1.22 (the high in early December) and $1.24 (as provided by the declining 50dMA).


There is, however, no sign of a trend reversal in the weekly chart. So, conventional wisdom would suggest selling into strength instead of holding. If $1.24 could be overcome convincingly, there is a chance that the declining 20wMA which would approximate $1.39 next week could be tested. This would coincide with a natural candlestick support. Whether it would happen would depend on the strength of this rebound.

A partial divestment at immediate resistance could be prudent although the very high volume that accompanied the formation of the long white candle in the weekly chart holds promise for long holders. Good luck to fellow shareholders.

Related post:
Hyflux: Continuing downtrend.

6 comments:

Leo78 said...

AK11

Spotted the opportunity couple of days ago ;) but i kill the goose too early...just a quick profit at 11%...good enuff to cover X'mas dinners, gifts and gathering. :)

AK71 said...

Hi Leo78,

An 11% gain is very good in the current vapid market conditions. Congratulations! :)

LJ said...

Hi AK

Tks for your generous sharing. You have been very spot on with your TA. Can you share with us the chart where you drew your fibo lines?

AK71 said...

Hi LJ,

I have been having some problems saving the charts I drew. Sometimes, I could do it. Sometimes, I couldn't. So, when you don't see the charts in my blog posts, you know why. :(

LJ said...

Hi AK

Tks for your clarification. Look forward to more learning and inspiration from you in 2012. Wishing you great success for the year ahead.

AK71 said...

Hi LJ,

I look forward to a new year of learning with everyone here too. :)

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