Technical Analysis: Resources Prima Limited November 1, 2016 492
Resources Prima Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.041 Resistance 1: 0.053
Support 2: 0.037 Resistance 2: 0.059
Price has been gently trending higher since 15/08/16 as the 20 day moving average crossed above the 60 day moving average, suggesting a shift in trend to the upside.
Additionally, the 20 and 60 day moving average has been holding price up firmly. There was strong bullish rejection with increasing volume off the 20 and 60 day moving average on 31/10/16 where price broke above the pullback line suggesting a move back into the immediate uptrend.
Expect price to rise next to test the 0.053 resistance area.
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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.