Technical Analysis: YZJ Shipbldg SGD October 14, 2016 11
YZJ Shipbldg SGD – Daily timeframe (Update from 18 Aug 16)
Current Sentiment: Bearish
Support 1: 0.705 Resistance 1: 0.800
Support 2: 0.670 Resistance 2: 0.860
Price continued to trend lower here as the 20 and 60 day moving average kept a lid on price.
There was a slight correction in price since 23/09/16 that was rejected by the 20 and 60 day moving average subsequently, keeping the downtrend intact. In addition, price broke and closed below the pullback line and 20 day moving average significantly on 12/10/16 with increasing volume suggests the resumption of the downtrend next.
Expect price to fall next to test the 0.705 support area followed by 0.670.
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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.