Hong Leong Asia or HL Asia just broke the neckline resistance of a Double Bottoms chart pattern after breaking the down trend channel (gray lines) resistance. The price target of the successful Double Bottoms Breakout is $3.16. This target is also the 200D MA resistance. Currently HL Asia may experience a pull back to the 20D/50D MA support at about $2.73. If this support is reliable, this is a good entry level to long this stock.
Genting Singapore is currently trading within a down trend channel. 20D MA remains as a very strong resistance as Genting SP has failed to break for 3 times.
Base on current chart:
- Channel Resistance at about $1.90
- Channel Support at about $1.78 – $1.80 which is the 200D MA and 61.8% Fibonacci Retracement Level.