Thursday, July 12, 2007

Singapore Stock: Hyflux - Breakout

The above is yesterday's end of day chart of Hyflux. Currently, at 10:35am, Singapore Time, Hyflux is trading at $3.12 (up $0.15 from yesterday's close), off from its day's high of $3.18. Clearly, it has broken out of the Rising Wedge. It is not uncommon for the PRICE to come back down, to challenge the breakout level at $2.96. However, there is also the possibility that it may not even head back down to the breakout level. Personally, the initial PRICE target for this upmove is $3.18 (which hit just now), $3.80 & then the all time high of $3.98

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