Technical Analysis: Broadway Industrial Group Limited October 25, 2016 15
Broadway Ind Ltd – Daily timeframe (Update from 03 Oct 16)
Current Sentiment: Bullish
Support 1: 0.195 Resistance 1: 0.210
Support 2: 0.185 Resistance 2: 0.220
Price corrected in line with previous update as it tested the 0.195 support area.
Subsequently, price hovered around the 0.195 support area where the buyers eventually take back control showed by the increasing volume bullish break above the 20 day moving average and pullback line on 24/10/16.
Expect the uptrend to resume next for price to test the 0.210 resistance area followed by 0.220.
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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.