Technical Analysis: Sapphire Limited October 19, 2016 23
Sapphire Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.305 Resistance 1: 0.365
Support 2: 0.290 Resistance 2: 0.380
Price transited into a strong uptrend after it broke out of the 0.306 range high significantly since 06/10/16. Moreover, the volume has been gradually spiking higher ever since the breakout.
The recent pullback since 10/10/16 was firmly held up by the confluence 20 day moving average and 38.2% Fibonacci Retracement level resulting in price breaking above the pullback line with increasing volume on 18/10/16.
Expect the uptrend to resume next to test the 0.365 resistance area followed by 0.380.
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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.