Technical Analysis: Cityneon Limited October 6, 2016 6

Cityneon Ltd – Daily timeframe  (Update from 22 Aug 2016)


Current Sentiment: Bullish

Support 1: 0.885                   Resistance 1: 1.000

Support 2: 0.860                   Resistance 2: 1.050

The weak follow through after the last update resulted in further correction in price instead. However, the uptrend remains intact as price continues to make a series of higher lows. The correction since 11/08/16 failed to take price below the 0.880 support area where price found an immediate base off the 0.885 support area.

In addition, there was an increasing volume bullish break above the pullback line and 0.950 range high on 05/10/16 suggesting a recovery in the bullish momentum.

Expect price to turn back into the long term uptrend next to test the 1.050 resistance area.

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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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