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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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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