Technical Analysis: CNMC Goldmine Limited November 3, 2016 25
CNMC Goldmine Ltd – Daily timeframe (Update from 21 Sept 16)
Current Sentiment: Bullish
Support 1: 0.505 Resistance 1: 0.580
Support 2: 0.460 Resistance 2: 0.610
Price went further into a correction instead after the last update but the uptrend remains sturdy.
The confluence of 60 day moving average and 0.505 support area held price up relentlessly during the correction phase and buyers eventually took back control. There was a high volume bullish break above the 0.535 range high and pullback line on 02/11/16 suggesting the resumption of the uptrend next.
Expect price to rise next to test the 0.580 resistance area followed by 0.610.
Note: Our current fundamental view on CNMC Goldmine is a Buy rating with a fair value of $1.03.
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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.