Frasers Hospitality Trust - Laggard PlayFHT's recovery from March's low stalled since hitting high @ 0.51 on April 17, spending the subsequent 6 weeks retracing nearly 50% down. After trading in a tight range for the past 7 days, it finally broke higher on rather strong volume on Friday. A good sign that it is ready to move again.
I would long with a stop just below the range low at 0435. However, there is a near term resistence at 0.51, perhaps it could break up this time? And if it does, then the next target will be at 0.56 and eventually 0.65 (162% and 262% fibonacci extension of it's recent pullback). Might take some time before hitting the last 2 targets though!
p/s yes it is a laggard compared to it's stronger peer Ascott Trust, need to play some catch up now!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
