Confirmed descending triangle in HPL

Evening traders,

I have found a descending triangle in HPL, Hotel Properties Ltd, H15.SI. The triangle is a confirmed one with an upward breakout a few days ago. Volume behaviour has been fantastic – descending in the triangle, followed by a sharp increase on breakout day. Right now, HPL would be in the post-breakou pullback stage. The pullback should may go as low as $2.80, where the trendline from the triangle is at now, and where the 50-day MA happens to be too. Stronger support is at $2.73, the last trough in the triangle. If price does break below $2.73, this pattern would be considered failed. Anyway, I am expecting H15.SI to climb to its target – $3.10 region.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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