Technical Analysis: Ezion Limited October 12, 2016 246

Ezion Ltd  – Daily timeframe (Update from 17 June 2016)


Current Sentiment: Bearish

Support 1: 0.325                   Resistance 1: 0.370

Support 2: 0.295                   Resistance 2: 0.415

Price has been surging aggressively since 02/09/16 but the move seems overextended. After the bullish breakout above the 0.295 range high on 05/10/16, price has not experienced a down day until 11/10/16.

There was a Dark Cloud Cover rejection off the 0.370 support turned resistance area on 11/10/16 suggesting a correction in price should happen next. Moreover, the volume is picking up in the background.

Expect the correction to take price down to the 0.325 support area next.

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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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