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.

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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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