Technical Analysis: DairyFarm USD October 4, 2016 26

DairyFarm USD  – Daily timeframe (Update from 02 Sept 2016)


Current Sentiment: Bullish

Support 1: 6.79                     Resistance 1: 7.48

Support 2: 6.60                     Resistance 2: 7.53

After hitting the 7.48 immediate resistance area on 05/09/16, price went into a further correction.

However, the correction was halted by the 61.8% Fibonacci retracement level and 60 day moving average, keeping the uptrend intact.

In addition, the bullish rejection on 03/10/16 succeeded in closing price back above the 20 day moving average, signals a move back into the uptrend next.

Expect price to rise back into the uptrend next to test the 7.48 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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