Technical Analysis: Cityneon Limited October 17, 2016 16

Cityneon Ltd  – Daily timeframe (Update from 6 Oct 2016)


Current Sentiment: Bullish

Support 1: 0.885                   Resistance 1: 0.970

Support 2: 0.860                   Resistance 2: 1.050

The lack of bullish follow through after the last update resulted in further correction in price.

Nonetheless, the 0.885 support area managed to hold price up once more. The 14/10/16 Bullish Engulfing Bar took price back above the 20 day moving average and immediate pullback line suggests the resumption of the uptrend next. Furthermore, a double bottom is gradually building up.

Expect price to rise next to test the 0.970 resistance area followed by 1.050.

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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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