Technical Pulse: Sinostar Pec Limited April 24, 2017 722

Sinostar Pec Ltd  – Daily timeframe


Current Sentiment: Bullish

Support 1: 0.187                   Resistance 1: 0.240

Support 2: 0.175                   Resistance 2: 0.250

Price has been trending higher with significantly higher volume since December 2016 as the 20 and 60 day moving average propelled price higher within the uptrend.

The recent correction off the 0.240 resistance area was no exception where the 60 day moving average acted as a springboard and reversed the correction. Moreover, the subsequent bullish follow through succeeded in breaking price above the pullback line and 20 day moving average on 21/04/17 signals the resumption of the uptrend. Moreover, the long term 23.8% Fibonacci retracement level is holding price as well.

Expect price to rise next to retest the 0.240 resistance area followed by 0.250.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!