Hyflux stock surged a good 12% from previous day close. There is a series of Buy calls from various broking firms (DBS Vickers, Kim Eng) and after winning for Singapore’s second desalination plant at Tuas.
Technical wise, Hyflux failed to breach top resistance of $2.4 during Jan 2011 and thereafter it corrected downwards through multiple Moving Averages.
As anticipated, the stock rebounded after touching support at $1.8. Now, it has breeched the MA with MACD histogram crossovers. RSI & STO has reversed with healthy OBV.
Volume distribution suggests good buying activities at big volumes.
It is recommended to accumulate at current level with stop loss below $1.80.
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