Mapletree Com Tr – Daily timeframe (Update from 28 July 16)
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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Featuring regular TA posts and requests to analyse specific stocksJeremy 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.
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He graduated with a Bachelor of Science in Banking and Finance from University of London.