Haw Par Corp Ltd (SGX: H02) Strong upside is set to continue once again as recent technical supports the continue bullish view:
1. Haw Par had a sharp decline from $13.70 to $12.50 in the month of April 2021 and it even broke below the uptrend line. However, the rebound is much stronger which the correction was weak that it has formed a bullish flag, which is a bullish continuation pattern.
2. The rounding bottom and the bullish flag can be considered as a cup and handle formation. Furthermore, the clusters of candles at the resistance zone looks more of a correction looking to breakup.
3. The Bearish engulfing candle on 31st May was invalidated by an inside bar and although there was a sell down on 2nd June 2021, the bullish inside bar on the 3rd invalidated it with a false sell. Which can be classified as a failed bearish Hikkake pattern.
4. Prices are still trending strongly above all three major moving averages. *Timeline of the trade is 8 weeks from the date issued. CHART LEGENDS Moving average Red dotted line = 200 periods Moving Average Blue dotted line = 50 periods Moving Average Green dotted line = 22 periods Moving Average.