Technical Pulse: CEI Limited May 19, 2017 66

Technical Buy

CEI Ltd – Daily timeframe  (Update from 3 May 2017)


Current Sentiment: Bullish

Support 1: 0.960                   Resistance 1: 1.045

Support 2: 0.925                   Resistance 2: 1.100

Price went into a consolidation instead after the last update as it hovered around the 20 and 60 day moving average, keeping the uptrend intact.

A range breakout finally occurred on 18/05/17 with buyers breaking above the 1.030 range high and 20 day moving average on 18/05/17 suggests the reacceleration of the bullish momentum next. Moreover, the bullish breakout on 18/05/17 was backed by increasing volume.

Expect the uptrend to resume next for price to test the 1.045 resistance area followed by 1.100.

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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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