Technical Analysis: Dutech Limited October 7, 2016 20

Dutech Ltd  – Daily timeframe (Update from 21 Sept 2016)


Current Sentiment: Bullish

Support 1: 0.460                   Resistance 1: 0.520

Support 2: 0.425                   Resistance 2: 0.550

The lack of bullish follow through after the last update caused price to correct further. However, the move was heavily rejected by the 60 day moving average and 0.460 support area, keeping the uptrend intact.

Volume in the background has been picking up recently as buyers broke price above the 20 day moving average and pullback line on 06/10/16, indicating further upside next.

Expect price to trend higher next to test the 0.520 resistance area followed by 0.550.

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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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