Technical Pulse: BlackGoldNatural Ltd April 7, 2017 66
BlackGoldNatural Ltd – Daily timeframe (Update from 16 March 17)
Current Sentiment: Bearish
Support 1: 0.159 Resistance 1: 0.195
Support 2: 0.155 Resistance 2: 0.200
Price rose as expected after the last update and even soared pass the 0.125 critical resistance effortlessly signalling a strong bullish momentum. However, the bullish momentum seemed to have stalled around the 0.195 resistance area as price failed to break above it for the past 7 days.
The most recent attempt to break above the 0.195 resistance area failed again on 06/04/17 where price briefly touched the 0.195 resistance area and got heavily rejected as price closed at the day’s low. As a result, an increasing volume shooting star rejection off the 0.195 resistance area was formed suggesting a possible correction next.
Expect price to fall into a correction next for price to test the 0.159 support area.
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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.