Technical Analysis: SingMedical Limited October 21, 2016 36
SingMedical Ltd – Daily timeframe (Update from 26 Sept 16)
Current Sentiment: Bullish
Support 1: 0.440 Resistance 1: 0.500
Support 2: 0.400 Resistance 2: 0.520
Price surged into greater heights after breaking above the 0.350 resistance area on 06/10/16.
Subsequently, price entered into a slight correction phase after hitting a high of 0.500 psychological round number on 12/10/16 where it was held up by the 0.440 support area. Moreover, the increasing volume Bullish Engulfing Bar on 20/10/16 succeeded in breaking above the pullback line suggests the uptrend is still going strong.
Expect price to turn back into the uptrend next to test the 0.500 resistance area followed by 0.520
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.