Technical Pulse: Food Empire Limited December 12, 2016 21
Food Empire Ltd – Daily timeframe (Update from 13 July 16)
Current Sentiment: Bullish
Support 1: 0.425 Resistance 1: 0.500
Support 2: 0.415 Resistance 2: 0.530
Price blasted higher with greater volume since 14/11/16 after it cleared the 0.395 key resistance area showing an increase in interest. Thereafter, it consolidated around the 0.430 area for the past 14 days while staying comfortable above the 20 day moving average.
The bullish breakout finally occurred on 09/12/16 with increasing volume indicates an accelerating bullish momentum here.
Expect price to trend higher next to test the 0.500 psychological resistance area followed by 0.530.
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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.