Technical Analysis: Sunright Limited October 28, 2016 646
Sunright Ltd – Daily timeframe (Update from 07 Oct 16)
Current Sentiment: Bullish
Support 1: 0.315 Resistance 1: 0.360
Support 2: 0.285 Resistance 2: 0.385
The uptrend is still moving along smoothly after the last update as price stays comfortably above the 20 day moving average.
There was a period of slight consolidation lately where buyers eventually broke price above the 0.340 range high on 27/10/16. Moreover, the bullish break was backed by increasing volume suggesting further upside next.
Expect price to head higher next to test the 0.360 resistance area.
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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.