Technical Pulse: Dyna-Mac Limited December 1, 2016 34
Dyna-Mac Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.190 Resistance 1: 0.178
Support 2: 0.150 Resistance 2: 0.190
Price has been moving in an uptrend since September 2016 with the 20 day moving average acting as a springboard. Price went into a correction subsequently after hitting the 0.190 resistance area where a base was formed off the confluence of 20 day moving average and 0.155 support area.
Price has finally broke out of the pullback line and 8 days range with increasing volume on 30/11/16 signals the resumption of the uptrend next.
Expect price to climb higher next to test the 0.178 resistance area followed by 0.190.
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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.