Technical Analysis: SunMoonFood Ltd October 6, 2016 12
SunMoonFood Ltd – Daily timeframe
Current Sentiment: Bearish
Support 1: 0.066 Resistance 1: 0.750
Support 2: 0.063 Resistance 2: 0.770
Price experienced some enormous upswing with heavy volume since 23/09/16, hitting a high of 0.075 resistance area recently.
However, the upswing appears to be exhausted here as the 0.075 resistance area forcefully rejected price on 05/10/16, resulting in price forming a glaring Bearish Outside Bar with high volume.
An immediate top should be in sight and price should turn into a correction mode next where the 0.066 support area followed by 0.063 gets tested.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
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.