Technical Analysis: China Jinjiang Limited October 3, 2016 524
China Jinjiang Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.835 Resistance 1: 0.950
Support 2: 0.820 Resistance 2: 0.980
Price declined steadily shortly after listing but it seemed to have found a bottom near the 0.835 range low.
The rebound since 26/09/16 succeeded in reversing price to the upside. Moreover, the bullish momentum managed to take price higher and break above the 0.880 range high with surging volume, signaling further upside. In other words, price has just broken out of the 6 weeks range.
Expect price to rise next to test the 0.950 resistance area followed by 0.980.
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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.