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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.


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. :)

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