Technical Pulse: Chews Limited April 21, 2017 113
Chews Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.400 Resistance 1: 0.470
Support 2: 0.380 Resistance 2: 0.500
Price has been moving steadily in an uptrend with noticeably higher volume since January 2017 as the 20 day moving average repeatedly propelled price higher.
There was some correction in price lately after the 0.500 psychological resistance area rejected price on 27/03/17 resulting in the formation of a shooting star. Nonetheless, the uptrend remains intact as price was well supported by the confluence of 60 day moving average, 38.2% Fibonacci retracement level and 0.400 support area. In addition, the bullish rejection off the support area resulted price breaking above the pullback line and 20 day moving average with increasing volume on 20/04/17 signals the resumption of the uptrend.
Expect price to rise next to the 0.470 resistance area followed by 0.500.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
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.