Technical Pulse: DairyFarm USD April 27, 2017 56

DairyFarm USD – Daily timeframe  (Update from 4 October 16)


Current Sentiment: Bullish

Support 1: 8.56                     Resistance 1: 9.25

Support 2: 8.34                     Resistance 2: 9.50

Price rose as expected after the last update and broke out with great bullish momentum after clearing above the 7.52 range high since 23/01/17.

The uptrend remains strong even after the recent minor sell off since 29/03/17 as the correction was gradually halted off the confluence of 60 day moving average and 8.56 resistance turned support area. Additionally, the reversal off the support area succeeded in breaking price back above the 20 day moving average on 26/04/17 with increasing volume suggests the resurgence of the buyers.

Expect price to turn up from here to test the 9.25 resistance area followed by 9.50.

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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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