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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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.