One or two encouraging signs are beginning to appear on HFR's...

One or two encouraging signs are beginning to appear on HFR's chart.  

The three month daily chart shows a modest but steady improvement in the share price since 12 July, long tails indicate buying support.  The MACD crossover signal on 19 July provided a short term buy signal.



Still too early to call a turnaround but IF the ascending triangle (far right bottom corner of chart below) is completed with a move to 92/93 cents there is a better than even chance of a move up to around $1.00.

Today is an important day as it will likely determine whether or not that triangle is completed and leads to a breakout or fails and sees the SP fall again.

As can be seen from the same chart the long term downtrend won't be broken until the SP breaks through at around $1.20.



Australian Super has been buying and is now sitting on a bit over 5%.  With the potential on offer here further buying is on the cards.

I remain hopeful that HFR's environment plan will be approved in the next month or two.  

If that were to happen a significant re-rating would follow.