Technical Pulse: BlackGoldNatural Ltd November 24, 2017 856


BlackGoldNatural Ltd – Daily timeframe (Update from 2 October 2017)

24 novvv

*Stop loss:  0.103

Current Sentiment: Bearish

Support 1: 0.104                   Resistance 1: 0.090

Support 2: 0.107                   Resistance 2: 0.086

Our trade in BlackGoldNatural has been stopped out at 0.103 on 22/11/17, resulting in a loss of -24.8% since 06/07/17. The equal-weighted loss from this trade dragged the performance of the “Phillip 20 Portfolio” down by -1.24%.

Price managed to test the 0.124 resistance area after the last update, but it failed to break above it. The subsequent bearish rejection off the 0.124 resistance confirmed that area as the range high. Since then, the bearish momentum accelerated sharply and eventually broke price below the key support areas at 0.107, 0.104 and 200 day moving average. In addition, the 20 day moving average has also crossed below the 60 day moving average since 15/11/17 signaling a shift in trend to the downside.

Expect price to remain depressed with 0.090 being the next support area.

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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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