Technical Analysis: Sunright Limited October 7, 2016 8
Sunright Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.280 Resistance 1: 0.330
Support 2: 0.270 Resistance 2: 0.360
The uptrend here is still going strong as the 20 and 60 day moving average continually supports price. The recent correction since 15/08/16 was halted by the confluence of 50% Fibonacci retracement level, 60 day moving average and 0.280 support area.
As a result, price succeeded in breaking back above the 20 day moving average and pullback line with increasing volume on 06/10/16, signals the trend is shifting back to the upside. In addition, price also broke above the 0.315 range high.
Price should turn back into the uptrend next to test the 0.330 resistance area followed by 0.360.
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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.