Technical Analysis: Mapletree Commercial Trust October 24, 2016 25

Mapletree Com Tr – Daily timeframe  (Update from 28 July 16)

1

Current Sentiment: Bullish

Support 1: 1.505                   Resistance 1: 1.590

Support 2: 1.470                   Resistance 2: 1.615

Price marched along the uptrend as expected after the last update and rebounded off the 1.615 resistance area perfectly causing price to enter into a correction.

However, the correction was halted off the confluence of 38.2% Fibonacci retracement level and 1.505 support area, keeping the uptrend intact. Moreover, the bullish break and close above the pullback line and 20 day moving average on 21/10/16 signals the end of the correction.

Price should turn back into the long term uptrend next to test the 1.590 resistance area followed by 1.615.

 

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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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