Technical Pulse: BlackGoldNatural Ltd October 2, 2017 887

BlackGoldNatural Ltd – Daily timeframe (Update from 6 July 2017)

2 Oct

*BlackGoldNatural has been added to the “Phillip 20 Portfolio“ since 6 July 2017.

Current Sentiment: Bullish

Support 1: 0.107                   Resistance 1: 0.124

Support 2: 0.090                   Resistance 2: 0.138

The confluence of support off the 20/60 day moving average and 0.127 support area failed to hold after the last update, led to a further selloff after price broke below the support area on 27/07/17. Since then, price continued to dwindle lower as the 20 and 60 day moving average kept a lid on price.

However, there appears to be a strong support off the 0.106 lows as buyers put in multiple rejections off that area. Moreover, price is also sitting on the 200 day moving average making the 0.016 a stronger support area.

The recent surging volume bullish rejection on 29/09/17 suggests a rebound higher next but a convincing bullish break and close above the 20 and 60 day moving average is required to reverse the bearish sentiment around.

Watch the 0.106 support area closely as this marks the main dividing line between the bulls and bears.

Note: We have a TRADING BUY call on BlackGoldNatural with a target price of $0.160.

2 Octt

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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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