Technical Analysis: Chip Eng Seng Limited October 11, 2016 8

Chip Eng Seng Ltd – Daily timeframe  (Update from 18 April 2016)


Current Sentiment: Bullish

Support 1: 0.620                   Resistance 1: 0.685

Support 2: 0.610                   Resistance 2: 0.715

Price has been stuck in a tight range between the 0.645 range high and 0.620 range low for the past 17 weeks.

The current price action is getting interesting as price succeeded in breaking above the 0.645 range high with increasing volume.

The trend could reverse from here with this bullish break where price aims to test the 0.685 resistance area followed by 0.715.

Note: Our current fundamental view on Chip Eng Seng is an Accumulate rating with a fair value of $0.720.

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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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