Technical Pulse: Geo Energy Ltd October 24, 2017 789


Geo Energy Ltd – Daily timeframe (Update from 1 August 2017)

24 OCT

*Entry Price: 0.300                             Stop loss : 0.225                                   Take profit : 0.350

Current Sentiment: Bullish

Support 1: 0.265                   Resistance 1: 0.300

Support 2: 0.235                   Resistance 2: 0.325

Price spiked substantially higher after the last update but failed to hold onto the gains. A correction ensued, taking price back down to the 0.240 support area. However, the subsequent rebound off the 0.240 support area since 04/09/17 further proved the validity of 0.240 range low as a sturdy base for the long-term uptrend.

Moreover, the immediate trend has also turned up as suggested by the 20 day moving average crossing above 60 day moving average on 02/10/17. There seemed to be a pick up in interest lately shown by the growing volume since 19/10/17 after price broke above the downtrend line. With the current bullish breakout above the 0.280 immediate range high with increasing volume on 23/10/17, we should expect the next leg higher to begin.

Expect the current bullish momentum to sustain for price to break above the 0.300 immediate resistance area to target 0.325 resistance area followed by 0.350.

Note: Our current fundamental view on Geo Energy is a Buy rating with a fair value of $0.450.

24 OCTt

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About the author

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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.

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