Hyflux after hitting the low of 47 cents on 12 Feb 2016 it has since managed to stage a recovery and risen up to touch 66 cents on 10th Mar 2016. This is rather bullish.
It has been trading in a neutral mode within the price range of 58.5 cents to 65.5 cents for the next 7 weeks and finally broken down to touch 53.5 cents on 24th May which is also resting on the Fibonacci 38.2% support level .
On 16 & 17 June we have witnessed the Fibonacci retracing from 78.6% to 61.8% to close at 58.5 cents. Today it has managed to bounce off from Fibonacci 61.8% which is a very important support and significant move and rises high to close well at 61 cents. This is rather bullish.
Both Macd & Rsi are still rising and this may provide further indication that the share price may continue to trend higher.
The current price is staying above the SMA lines which is generally rather healthy/positive and may likely stage a strong rebound to cross over the immediate resistance at 62 cents (Fibonacci 78.6%) and rises higher towards 66 cents and above.
(trade base on your own decision)
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