Technical Analysis: Spackman Limited October 18, 2016 16
Spackman Ltd – Daily timeframe (Update from 21 April 2016)
Current Sentiment: Bearish
Support 1: 0.136 Resistance 1: 0.154
Support 2: 0.132 Resistance 2: 0.157
There was a strong surge in price since 26/09/16 where price reversed back into an uptrend.
However, after hitting the 0.154 key resistance area on 17/10/16, price got aggressively rejected with high volume resulting in price forming a shooting star rejection.
We might experience some correction next where price heads lower to test the 0.136 support area followed by 0.132.
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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.