Technical Pulse: China Aviation Limited December 14, 2016 25

China Aviation Ltd  – Daily timeframe  (Update from 24 November 16)


Current Sentiment: Bullish

Support 1: 1.325                   Resistance 1: 1.455

Support 2: 1.300                   Resistance 2: 1.515

Price crept up gradually after the last update, keeping the 1.330 support area valid. Moreover, the Bullish Engulfing Bar on 13/12/16 succeeded in breaking price above the downtrend line and 1.420 immediate range high signals the resumption of the uptrend. Additionally, the 20 day moving average has also recently crossed back above the 60 day moving average on 07/12/16.

Expect price to trend higher next to test the 1.455 resistance area followed by 1.515.

Note: Our current fundamental view on China Aviation is a Buy rating with a fair value of $1.920.

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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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