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Hyflux: Divestment as gap closed at $1.365.

Tuesday, January 17, 2012

My sell order at $1.365 was filled today. This is the gap filling I talked about before. 

Could price move higher in the next session? It could, of course.





However, the upper wick in today's white candle as price touched a high of $1.37 before closing at $1.35 suggests that selling pressure is very much present. 

Moving higher on lower volume compared to two sessions ago is also a sign of caution.

The declining 100dMA is likely to exert downward pressure on price action. 

So, further upside could be capped at $1.385 or so. In a retracement, expect some support at $1.21.

Related post:
Hyflux: Retest of recent high.

3 comments:

Ray said...

Congrats AK.
pocket full full for the CNY :)
too bad i didn't dare to follow your your long position on hyflux.

AK71 said...

Hi Ray,

You did the right thing not to follow me. I am paranoid about being followed. ;p

You probably did your own research and decided against going long when I did. That is what matters. :)

AK71 said...

Reader:
Is hyflux 6%CPS a worthwhile buy to hold long term for investment? Thanks for your views.

AK:
Weak numbers. I don't have. I wouldn't lend money to Hyflux.

Reader:
Thanks. They should be settling at par in April 2018 and the price seems attractive at 97! Do you think they will default?

AK:
Your guess is as good as mine. ๐Ÿ˜‰

Reader:
A gamble I think.

AK:
As recent as 2015, their debt level was up, they sold their building and they were still losing money.
I used to trade this for some pocket money but as an investment, nah.
Long, long time ago... ๐Ÿ˜œ

Reader:
OK. I will not put in any more. Thanks.

AK:
It depends on how you feel about it. I have friends who bought but very small positions.
Nothing to make them lose sleep over.

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