SG Stocks To Watch (Hyflux & OUE)

2016Jun-Hyflux-800x600

Hyflux (SGX: 600)

Hyflux has recovered significantly (+38%) since the start of the year, generating heightened interest from the retail scene. At the current junction, Hyflux is still resisted within a upper downtrend line, reversing down on Friday with a confirmation from its Bearish Reversal Candlestick Pattern (Bearish Engulfing).

The breakout of $0.655 will negated the bearish momentum in Hyflux, marking a significant sign of recovery to a potential establishment of mid term uptrend channel. The support level to watch is $0.53, with a break of this support to accelerate Hyflux towards next major support at $0.465.

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OUE (SGX: LJ3)

OUE long term downtrend channel has been established since late 2013 until today. The recent breakdown of prices in OUE is see it trading closer towards a major support level at $1.47 that was supported in 2011 period. At the current junction, OUE has also negated a Bullish Wedge Formation (Reversal Chart Pattern) to affirm the underlying weakness in the counter.

The levels to watch for OUE is at $1.47 major support. Breakdown of this support may see further downside pressure towards $1.255, 2009 post Great Financial Crisis support level.

 

Jeffsun
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