Hong Leong Asia- Another 25% up since last blog post, Upward momentum to continue?
Hong Leong Asia, which move up another 25% since we our last blog on 9 Feb on last thursday has been on a tear recently, breaking out of the 1.09 resistance level we mentioned and closing at 1.375 which is well beyond our target of 1.165 .
In fact the stock today’s closing price of 1.375 has represented a 38% increase since our first blog post on it on 2 feb. However We would like to remind our readers that such movement in a short period of time do not appear often , especially for a mid cap stocks like Hong Leong Asia. So do remember to be discipline in your trade plans.
Looking at the chart , Hong Leong Asia is now near its 1.40 resistance level, if it can break and stay above this level , the next possible upside resistance may be the 1.53-1.58 area , with a stop loss below 1.245 area . As the stop loss is pretty wide and the stock has moved up quite a lot , do remember to adjust your position size accordingly.