Technical Analysis: ThaiBev Limited October 5, 2016 42
ThaiBev Ltd – Daily timeframe (Update from 05 July 2016)
Current Sentiment: Bullish
Support 1: 0.950 Resistance 1: 1.025
Support 2: 0.925 Resistance 2: 1.040
Price broke new high as expected after the last update and subsequently experienced some correction since 02/08/16 after being rejected by the 1.05 psychological resistance area.
The correction was firmly halted by the confluence of 38.2% Fibonacci retracement level and 0.925 support area, keeping the uptrend alive.
In addition, there was a bullish break above the downtrend line on 10/04/16 suggesting a shift back into the long term uptrend.
Expect price to rise next to test the 1.015 resistance area followed by 1.040.
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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.