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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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.