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Hyflux is currently testing 78.6% Fibonacci Retracement Resistance at about $3.20. Hyflux bounced off 50D MA support and break 20D MA resistance recently. If this 78.6% FR resistance is broke, the next immediate resistance is $3.25. Hyflux has to break $3.40 (the previous high) to start an uptrend (i.e. higher high, lower high uptrend pattern).
Hyflux is facing an important support turn resistance level to break at about $2.90. This level was the previous supports on 4 occasions. Failing to break this resistance will continue Hyflux down trend as a pattern of lower high, lower low is formed.
Hyflux appears to be forming a right shoulder. The downward target is $2.60 if the stock price breaks the neckline of $2.90. Hyflux has been on uptrend since Mar 2009, it needs a correction back to $2.475 (61.8% Fibonacci Retracement Level) for a long term healthy up trend.
