Technical Analysis: Ezion Limited October 17, 2016 10
Ezion Ltd – Daily timeframe (Update from 12 Oct 2016)
Current Sentiment: Bullish
Support 1: 0.325 Resistance 1: 0.370
Support 2: 0.295 Resistance 2: 0.385
Price corrected nicely back to the 0.325 support area as expected where it got firmly held up.
Moreover, the confluence of the 38.2% Fibonacci Retracement level and 60 day moving average rejected price on 14/10/16, forming a Bullish Engulfing Bar. The recent correction should end here as the 14/10/16 Bullish Engulfing Bar succeeded in breaking the pullback line.
Expect price to rise next to test the 0.370 resistance area followed by 0.385.
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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.