Singapore's Hutchison Port hits record low; technicals suggests more downside

Hutchison Port Holdings Trust

31/05/2018 06:04

** Shares of Hutchison Port Holdings Trust  HPHT.SI  fall as
much as 5.1 pct to a record low of S$0.28
    ** Stock breaks below a support at S$0.3, the 38.2 pct
Fibonacci projection level of the downtrend from Oct 23, 2012
high to Feb 17, 2017 low https://reut.rs/2L9B3xY
    ** This suggests stock may fall up to the next support at
S$0.242, the 50 pct projection level
    ** For the past six years, stock's movement is confined to a
descending trend channel, movement within which may lead to
further downside
    ** Trend intensity (TI) indicator rises to 16, signalling a
new downtrend 
    ** MACD is also negative and below its signal line
    ** Stock is down about 29 pct this year as of Wednesday's
close, while the broader index  .STI  is up 1.21 pct

 (Reporting by Gaurav Dogra)
 ((gaurav.dogra@thomsonreuters.com;))