Technical Analysis: Silverlake Axis Limited October 5, 2016 36
Silverlake Axis Ltd – Daily timeframe (Update from 07 Sept 2016)
Current Sentiment: Bullish
Support 1: 0.645 Resistance 1: 0.720
Support 2: 0.600 Resistance 2: 0.740
Price headed higher as expected but fell short of hitting the 0.740 resistance area before entering into a correction. The shooting star rejection on 08/09/16 started the correction movement but the uptrend was held up steadily by the confluence of the uptrend line, 20 day moving average and 0.645 support area.
The bullish rejection with increasing volume off the support area on 04/10/16 succeeded in breaking price above the pullback line and 0.670 range high suggests the continuation of the uptrend next.
Expect price to trend higher next to test the 0.720 resistance area followed by 0.740.
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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.