Hyflux: Technical Sell Call by CIMB. House note that prices appears to have hit a short term top at $1.585, which is close to its 200-day SMA. Yesterday’s drop has taken prices below a support trend line on rising volume. This is likely to lead to further weakness in the near term.
MACD and RSI just issued their respective sell signals, which in turn also confirmed the bearish divergence signals. Aggressive traders should attempt to go short on this stock. The stock is a sell now with a stop placed above $1.585. This correction could see prices fall back towards $1.30, where its 50- day SMA and also its 50% Fibonacci retracement level currently lie.
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