Technical Analysis: SIA Limited October 13, 2016 11
SIA Ltd – Daily timeframe (Update from 27 June 16)
Current Sentiment: Bearish
Support 1: 10.16 Resistance 1: 10.47
Support 2: 10.00 Resistance 2: 10.69
Price has resumed moving back into long term downtrend since 16/08/16 where a subsequent lower high point was established. In addition, the 20 day moving average crossed back below the 60 day moving average on 16/09/16 further confirming the bearish narrative.
The 10.47 support area has been holding price up recently for the past 10 weeks but it eventually gave in to the sellers. There was a strong bearish break below the 10.47 support area with increasing volume on 12/10/16 signaling further downside.
Expect price to head lower next to test the 10.16 support area followed by 10.00.
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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.