Hisaka broken out of ascending triangle

Hello all,

The past few weeks have not been very good for me. Patterns I have identified on charts have been violated, what I have been hoping would happen did not, etc. Nevertheless, I have been watching Hisaka, FV2.SI trade in a potential ascending triangle for 2 weeks. Today, Hisaka has broken out of the triangle with a nice long candle coupled with strong volume of 6.5 million. As a chartist, I have to look for Hisaka to hit its target of 46 cents based on this bullish pattern. Volume is perfect, descending in the triangle, and a surge today. Hopefully tomorrow comes with good volume as well. Lets see how this goes.

As a side note, the parallel channel I identified in Hong Leong Asia should be considered as failed, after Hong Leong’s share price dropped over the past few weeks.

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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6 Comments

  1. edmund
    Posted November 27, 2010 at 9:23 AM | Permalink | Reply

    Hi.
    Could you advise me the latest status of the technical charts for Straits Asia ? Friday, it hit a high of 2.68, before settling and closing at 2.64. What is the near term resistence and support , and should i be looking at 2.79 to let go , or is that unrealistic ? Any tech advice is appreciated

  2. Administrator
    Posted November 27, 2010 at 10:08 AM | Permalink | Reply

    Hello Edmund,

    In my last comment to you regarding Straits Asia, I identified $2.60-$2.70 as a place to take profit since this area was where StraitsAsia made its previous highs after the 2008 collapse.Right now $2.74 would be a resistance area for me, since it was the previous high. I see $2.37-$2.40 as the nearest support level. I am looking back at my post on StraitsAsia, and seeing the charts now, I do not think it is unrealistic for Straits Asia to go to $2.79. In fact, my target for it is the $3.00 region since I have a technical pattern for that. If Straits Asia breaks past the $2.70 region in the next week or so, I am sure it should climb higher than even $2.79. If this does not happen, I have technical reasons to believe it may trade down to as low as $2.35-$2.40.

    Regards.

    • edmund
      Posted November 28, 2010 at 11:20 AM | Permalink | Reply

      Hi.
      Value your advice. Appreciate it.
      Btw, are u an active member in puntersgallery.com ? Could I invite you to join the forum and post your much appreciated and valuable advice there ? There is a lot of readers there, so we will all gladly welcome another person’s point of view, especially yours.
      Enjoy your weekend.

      ed

      • Administrator
        Posted November 28, 2010 at 7:22 PM | Permalink

        Hey Edmund,

        Yes, I will join the forum, since I am not active in any local stocks forum at the moment. I will look forward to sharing my brand of analysis there, and will be interested to know other people’s point of view.
        Thanks for the invite. : )

  3. Posted December 12, 2010 at 4:46 PM | Permalink | Reply

    Nice blog about singapore stocks. Keep it up and i will come in often to check your blog and views on trading strategies.

    • Administrator
      Posted December 12, 2010 at 6:46 PM | Permalink | Reply

      Hello T3B,

      Thank you for the compliment! This blog contains mainly technical analysis articles, and not so much on trading strategies; of course, I may let slip some trading-related content from time to time.

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