Technical Pulse: China Everbright Ltd February 1, 2017 22
China Everbright Ltd – Daily timeframe (Update from 30 June 16)
Current Sentiment: Bullish
Support 1: 0.410 Resistance 1: 0.445
Support 2: 0.400 Resistance 2: 0.470
Price has been moving in a steady downtrend since August 2016 and it just broke a new record low on 31/01/17. However, price got rejected heavily after testing the 0.410 support area resulting in the formation of a hammer on 31/01/17. The current bullish price action signals a potential double bottom here as price undergoes a short term correction next.
Expect price to reverse higher next to test the 0.445 resistance area followed by 0.470.
Note: Our current fundamental view on China Everbright is an Accumulate rating with a fair value of $0.630.
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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.