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.

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About the author

Profile photo of Jeremy Ng

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.

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