Technical Analysis: Super Limited October 25, 2016 6
Super Ltd – Daily timeframe (Update from 29 April 16)
Current Sentiment: Bullish
Support 1: 0.850 Resistance 1: 0.925
Support 2: 0.830 Resistance 2: 0.940
Price recently surged higher with great momentum on 05/10/16, reversing the immediate trend to the upside. Additionally, the 20 day moving average also crossed above the 60 day moving average as a result, further validating the uptrend.
The correction that followed was perfectly halted off the 20 day moving average where price formed an immediate base. Moreover, there was an increasing volume bullish break above the pullback line and 0.875 range high on 24/10/16 signals further upside next.
Expect price to continue trending higher to test the 0.925 resistance area followed by 0.940.
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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.