Second inverted head and shoulders in Hi-P

Hello all,

A few months ago, I uploaded a chart of Hi-P, H17.SI, showing a large inverted head and shoulders. I am proud to say that Hi-P has made very good progress, and looks set to hit $1.30 territory. I have just found another inverted head and shoulders pattern; it is smaller than the previous one, but still a valid one to me. This one dates from October of 2010 to the recent breakout last month. It is not the best-looking pattern, but I see 3 clear regions of price movement, which prompts me of an inverted head and shoulders. I have a projection of $1.40 based on the height of this chart pattern. This smaller inverted head and shoulders should act as fuel for the larger inverted head and shoulders pattern. I see Hi-P as hitting its target soon, especially with this new, smaller pattern.

Zooming out, I have a chart showing the larger pattern on Hi-P’s chart. I have included a fibonacci retracements study on the chart as well. I took Hi-P’s all-time high and low. The level to beat is $1.24 – where the 61.8% level is. The smaller inverted head and shoulders pattern should see price getting above that level. For now, price may face some resistance at the 61.8% level. Any slide should find support at the neckline of the inverted head and shoulders. I will be maintaining my bullish stance on Hi-P.

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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