Technical Analysis: StarHub Limited October 10, 2016 16
Starhub Ltd – Daily timeframe (Update from 21 June 2016)
Current Sentiment: Bearish
Support 1: 3.360 Resistance 1: 3.490
Support 2: 3.300 Resistance 2: 3.520
Price has turned back into the long term downtrend since the lower high top was formed in 10/07/16. In addition, the 20 day moving average also crossed back below the 60 day moving average on 02/09/16, confirming the downtrend.
Since then, price has continued to trend lower and it should remain that way. The strong Bearish Outside Bar rejection off the 20 day moving average and 3.490 resistance area suggests the sellers are taking control once again. Moreover, the volume is picking up in the background.
Expect price to head lower next to test the 3.360 support area followed by 3.300
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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.