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.
My previous analysis (http://mystocksinvesting.blogspot.com/2009/10/ks-energy-forming-wedge.html) came true after KS Energy breakdown from the wedge. Today KS Energy closed at $1.06 with hanging man after a Bullish Harami. This stock may consolidate or rebound a little bit before heading towards the breakdown target of $0.85.
Raffles Education closed at $0.445 on Friday and formed a Bullish Harami candlestick pattern. Coincidently, the stock price bounced back from the $0.435 supports level (38.2% Fibonacci Level and Channel Support). If next session opens with a gap up and closes with a bullish long white candle, a Three Inside Up pattern is formed which confirm a trend reversal.
Another thing to take note is there were Insiders Trading for the past three months. The substantial shareholders were increasing their shares holding. Mr. Chew Hua Seng is the Chairman & CEO, Ms Doris Chung Gim Lian is the spouse of Mr. Chew, Mr. Henry Tan Song Kok is the Independant Director.
Strong Support (Channel Support and Fibonacci Level) base on the chart.
Bullish Harami candlestick normally either moves sideway or upward (trend reversal)
Price of Insiders’s transaction between $0.475 to $0.55.
- Entry Level $0.44 to $0.46
- Profit Target = 10%