Technical Pulse: China Sunsine Ltd July 11, 2017 29

Technical Buy

China Sunsine Ltd – Daily timeframe (Update from 18 May 2017)

11 jul

*Entry Price: 0.805                Stop loss : 0.740                Take profit : 0.850

*China Sunsine Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.745                   Resistance 1: 0.825

Support 2: 0.690                   Resistance 2: 0.850

Price rose as expected after the last update and subsequently entered into a correction as the 0.800 psychological resistance area capped price down.

Nonetheless, the uptrend remains firmly rooted as the correction was once again held up by the 20 and 60 day moving average. Moreover, the support off the 0.745 area also managed to keep a floor on price.

As a result, there was an increasing volume bullish break above the pullback line, 20 day moving average and 0.780 range high on 10/07/17 signals the end of the correction since 12/06/17.

Expect the uptrend to resume next for price to head higher to test the 0.825 resistance area followed by 0.850.

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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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