Technical Analysis: First Resources Limited October 26, 2016 9

First Resources Ltd – Daily timeframe  (Update from 06 Sept 16)


Current Sentiment: Bullish

Support 1: 1.740                   Resistance 1: 1.915

Support 2: 1.705                   Resistance 2: 2.000

Price headed higher after the last update as it began correcting again after testing the 1.915 resistance area on 07/09/16. The recent correction went on longer than expected where it eventually rebounded off the confluence of 50% Fibonacci Retracement level and 1.705 support area.

Subsequently, buyers succeeded in breaking price above the pullback line and 20 day moving average on 25/10/16 with increasing volume suggesting the uptrend is still intact.

Expect price to rise next to test the 1.915 resistance area followed by 2.000.

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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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