Technical Analysis: GCCP Limited October 10, 2016 9
GCCP Ltd – Daily timeframe (Update from 28 Sept 2016)
Current Sentiment: Bearish
Support 1: 0.052 Resistance 1: 0.066
Support 2: 0.048 Resistance 2: 0.072
Price remains depressed after the last update as the sellers repeatedly overwhelm price. There were multiple days where price tried to break higher that failed eventually, resulted in price closing near the low at the end of the day, shown by the shooting stars.
Moreover, the relentless sellers returned once again on 07/10/16 where they rejected the 0.660 resistance area with increasing volume, resulted in price forming a Bearish Outside bar.
Price should continue to stay in this downtrend next to test the 0.052 support area followed by 0.048.
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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.