Hotung

Recently, Hotung has seen huge volumes of shares traded in the past two days. I have just gone onto sgx.com to look for news related to the company. Seemingly, it may have something to do with ADRs. I do not know much though. Anyway, since this is a technical analysis blog, I will be looking solely at the charts. I have a resistance level at 18 cents. This acts as strong resistance. If you were to pull out your charts, you will see Hotung being rejected there a few times over quite a number of years. I see no huge pattern to suggest any strong move should be in place; however, I do have an upward parallel channel with a centreline. The past few days have pushed price into the upper half of the channel. I have immediate support at 13 cents, though I feel it is not a strong one. Other than what I have said, I do not see much else on the chart that warrants mentioning. With the channel in place, I would have to be leaning on the bullish side for the next few months.

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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