Technical Pulse: Chasen Ltd November 24, 2017 724


Chasen Ltd – Daily timeframe (Update from 9 October 2017)

24 NOV

*Stop loss:  0.081

Current Sentiment: Bearish

Support 1: 0.077                   Resistance 1: 0.090

Support 2: 0.070                   Resistance 2: 0.094

Our trade in Chasen has been stopped out at 0.081 on 23/11/17, resulting in a loss of -12.9% since 09/10/17. The equal-weighted loss from this trade dragged the performance of the “Phillip 20 Portfolio” down by -0.645%.

The bullish momentum failed to sustain after the last update, and the bears finally broke price below the critical support area at 0.082 on 23/11/17. Further sign of weakness is flagged out by the 20 day moving average crossing below the 60 day moving average since 14/11/17. Moreover, price has succeeded in closing below the 200 day moving average on 23/11/17 signals a shift in the sentiment to the downside.

Expect price to stay depressed moving forward as sellers target the 0.077 support area followed by 0.070.

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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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