I studied Hi-P chart closely and I have posit it in my private watch list. Why? Because first there was a breakout last week where news of maybe a takeover or privatization might be in play and second the chart hit a demand zone where buyers were all waiting there. Hi-P then broke out high with speed and volume but soon after it was encountered by profit taking in the minute chart and then distribution while the final blow before it got sold down was a fake breakout in the minute chart and the stock tumbled till now.
I believe the news and the story is still in play but might need some time now for the chart to have a better and nicer chart to be formed first. I am still bullish on the stock as it's gradually trying to form some hidden buying now. Looking to trade when the timing is ready.
Ronald K - Market Psychologist - A Stock Market Opportunist
