Technical Analysis: HMI Limited October 18, 2016 7
HMI Ltd – Daily timeframe (Update from 01 June 2016)
Current Sentiment: Bearish
Support 1: 0.600 Resistance 1: 0.650
Support 2: 0.570 Resistance 2: 0.660
Price appears to be exhausted here after a huge run up for the past 3 months from 0.340 to a high of 0.660 without much correction.
After hitting the 0.650 psychological round number on 13/10/16, price was heavily suppressed with a decent size doji. Moreover, the Bearish Engulfing Bar on 17/10/16 further validates the bearish intent as price tries to put in an immediate top.
Expect some correction to happen next where price could retrace to the 20 day moving average and 0.570 support 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.