Technical Analysis: Acromec Limited October 5, 2016 29
Acromec Ltd – Daily timeframe (Update from 24 Aug 2016)
Current Sentiment: Bullish
Support 1: 0.765 Resistance 1: 0.815
Support 2: 0.690 Resistance 2: 0.885
Price trended up perfectly as expected and was faced with great resistance around the 0.885 area. After hitting a high of 0.885 on 25/08/16, price failed to break new highs and eventually corrected significantly.
The correction managed to take price down to the confluence of 60 day moving average and 0.740 support area where it was firmly rejected once more. Moreover, the bullish rejection with increasing volume on 04/10/16 broke price above the 0.765 range high and 20 day moving average signals the end of the correction.
Price should turn back into the uptrend next to test the 0.815 resistance area followed by 0.885.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.