Technical Analysis: Interra Resource Limited October 6, 2016 6
Interra Resource Ltd – Daily timeframe (Update from 14 July 2016)
Current Sentiment: Bearish
Support 1: 0.060 Resistance 1: 0.070
Support 2: 0.056 Resistance 2: 0.078
The strong surge in price since 20/09/16 was heavily rejected by the 0.070 resistance area once again, keeping the long term downtrend intact.
The bearish rejection on 05/10/16 resulted in price forming a shooting star with greater volume indicates a move back into the downtrend.
Price should head lower next to test the 0.060 support area next.
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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.