Technical Analysis: Broadway Industrial Limited October 3, 2016 4

Broadway Ind Ltd – Daily timeframe (Update from 13 Sept 2016)

2

Current Sentiment: Bearish

Support 1: 0.210                   Resistance 1: 0.225

Support 2: 0.195                   Resistance 2: 0.235

Price turned back into the uptrend as expected after the last update and it even managed to test the 0.225 resistance area.

However, a correction might be overdue here as suggested by the current price action. After hitting the 0.225 resistance area on 30/09/16, price got heavily rejected with increasing volume which resulted in price forming a gravestone doji suggesting a correction next.

Price should turn down next to test the 0.210 support area followed by 0.195.

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About the author

Profile photo of Jeremy Ng

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.

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