Technical Analysis: Sheng Siong Limited October 21, 2016 85
Sheng Siong Ltd – Daily timeframe (Update from 19 Sept 16)
Current Sentiment: Bullish
Support 1: 1.050 Resistance 1: 1.150
Support 2: 1.025 Resistance 2: 1.155
Price proceeded along the uptrend smoothly after the last update as the 20 day moving average kept price firmly in the uptrend.
There was a period of consolidation lately where the 1.09 range high kept a lid on price. Nonetheless, the uptrend was strong enough to break price above the 1.09 range high on 20/10/16 with increasing volume signaling the continuation of the uptrend next.
Expect price to rise next to test the 1.150 resistance area.
Note: Our current fundamental view on Sheng Siong is a Accumulate rating with a fair value of $1.100
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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.