Technical Pulse: China Sunsine Ltd May 11, 2017 57

China Sunsine Ltd – Daily timeframe (Update from 10 March 17)


*Entry Price: 0.735  Stop loss : 0.655     Take profit : 0.800

Current Sentiment: Bullish

Support 1: 0.695                   Resistance 1: 0.750

Support 2: 0.660                   Resistance 2: 0.800

Price trended higher as expected after the last update and even broke out above the 0.580 critical resistance area with ease since 23/03/17 suggesting a strengthening bullish momentum. Moreover, after the bullish breakout, volume has been rising significantly showing an increase in interest.

The recent correction off the 0.800 psychological resistance area since 02/05/17 appears to be ending as price found some strong support off the 20 day moving average. Additionally, there was an increasing volume Bullish Outside Bar rejection off the 20 day moving average on 09/05/17 signals a reversal back into the uptrend.

Expect price to rise next to retest the 0.750 resistance area followed by 0.800.

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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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