Technical Pulse: First Resources Ltd May 24, 2017 87

Technical Sell                                                       

First Resources Ltd – Daily timeframe  (Update from 6 February 2017)


*Entry Price: 1.975    Stop loss : 2.060     Take profit : 1.900

Current Sentiment: Bearish

Support 1: 1.900                   Resistance 1: 2.020

Support 2: 1.820                   Resistance 2: 2.070

Price continued to move in a sideway motion since the last update as the 2.020 range high repeatedly keep a lid on price.

The recent rally since 08/05/17 took price back up to the important 2.020 range high once again and the bullish momentum appears to be waning. The bearish rejection off the 2.020 range high on 23/05/17 resulted in price forming a shooting star with increasing volume signals a reversal back into the range.

Expect price to turn down next to test the 1.900 support area followed by 1.820.

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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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