Hi-P (technical)

Hi-P: OCBC Technicals sees more downside ahead after the stock violated its $0.66 key support , breaking to a new 52 wk low on heavy trading volume yesterday. MACD is still trending lower persistently, suggesting that the downside momentum remains intact. The house tips Hi-P to slip further and test the next key base at 40.58 (key resistance-turned-support) in the weeks ahead. Advocates a stop-loss exit for short sellers around $0.68, which is slightly above the newly established support-turned-resistance at 40.66.