Quick update on Starhub

I was sounding bullish on Starhub, after seeing a nice solid uptrend (refer to previous post). To my dismay, Starhub dropped a 4.6% bomb on higher than usual volume. Whatever the reason is out there, I decided to bring up the chart and see what I can make out of the huge decline on Friday. Right now, I see a possible – though unlikely – scenario playing out: Starhub stages a quick recovery back into the uptrend, and my previous post shall still stand. If this down move had a “valid reason”, and Starhub is here to stay, then I may need to analyse its chart again. Technically speaking, this will simply be the end of the parallel channel; nothing horribly wrong has happened. For now, I will show the same fibonacci levels I showed in my previous post. 38.2% has been breached, so the next level, the 50% retracement level, will be immediate support – $2.45. With the 200-day MA closely behind, I do not see Starhub going much further down.

 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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