Technical Pulse: Capital World Ltd November 3, 2017 886


Capital World Ltd – Daily timeframe


*Entry Price: 0.088                  Stop loss : 0.070                                     Take profit : 0.115

Current Sentiment: Bullish

Support 1: 0.073                   Resistance 1: 0.094

Support 2: 0.071                   Resistance 2: 0.115

Since May 2017, price has been falling precipitously in a downtrend without much support. However, the current bullish price action might be signalling the formation of a near-term bottom soon.

Price has been consolidating between the 0.081 range high and 0.073 range low more recently since October as the volume picked up significantly showing a growing interest. Moreover, a bullish breakout above the 0.082 range high finally occurred on 02/11/17 suggests a reversal higher next. In addition, the bullish break was also backed by surging volume.

If the bullish momentum sustains, the 0.071 low on 23/10/17 could very well be the near term bottom. Expect price to bounce higher next to test the 0.094 resistance area followed by 0.115.

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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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