Technical Analysis: Venture Limited October 4, 2016 23

Venture Ltd – Daily timeframe  (Update from 07 July 2016)



Current Sentiment: Bullish

Support 1: 8.95                     Resistance 1: 9.40

Support 2: 8.83                     Resistance 2: 9.54

Price turned back into the uptrend accordingly after the last update and succeeded in breaking above the 8.67 key resistance substantially, hitting a high at 9.54. Since then, it entered in to a slight correction where it was aggressively rejected by the confluence of 8.95 resistance turned support area and 60 day moving average.

Moreover, the bullish rejection on 03/10/16 managed to break price above the immediate pullback line suggests the resumption of the uptrend next.

Expect price to head higher next to test the 9.40 resistance area followed 9.54.

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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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