Technical Pulse: Boustead Proj Ltd May 22, 2017 56

Technical Buy                                                       

Boustead Proj Ltd – Daily timeframe  (Update from 12 May 2017)


Current Sentiment: Bullish

Support 1: 0.845                   Resistance 1: 0.900

Support 2: 0.825                   Resistance 2: 0.920

Due to the lack of bullish follow through after the last update, price went further into the correction while keeping the uptrend intact.

Price continued to hug along the 20 day moving average since then as it stayed comfortably above it. Moreover, there was another strong bullish rejection off the 20 day moving average on 19/05/17 that could ignite the next leg higher shown by the increasing volume bullish break above the pullback line and 0.870 immediate range high.

Expect price to rise next to test the 0.900 resistance area followed by 0.920.

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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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