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.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
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.