Author: Trading Impossible | Joey Choy
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Just early last week, we spotted some bullish actions in Hi-P…
It has been consolidating below the 1.18 – 1.20 resistance since August last year and finally buyers were ready to break that key level..
There were also some signs of upside reversal not just from the moving averages but..
also from the higher lows we have seen since November… see the green upwards sloping channel line..
Hence some targets were drawn with an expected move towards 1.50 as seen below…
Over the past week, we have indeed seen more bullish actions with it pulling away from the new support at 1.20
And even 1.30 gave way too..
Has hit our target at 1.50 yesterday with it trying to push above today as well… high at 1.60 seen as of now..
Target was revised higher again few days back with 1.50 expected to break… seems like still playing out…
To 1.80 now perhaps as revised?
Buyers may still be ready to take it higher if it holds above 1.50 in the next few days, protect profits in any case…
Hi-P: Quite a good rally seen, target can be revised further.. Price 1.53