Technical Pulse: Food Empire Ltd May 4, 2017 54

Food Empire Ltd – Daily timeframe (Update from 12 April 17)


Current Sentiment: Bullish

Support 1: 0.535                   Resistance 1: 0.640

Support 2: 0.485                   Resistance 2: 0.695

Price is currently weakening into a correction phase with the 0.640 resistance area keeping a lid on price.

However, the uptrend remains intact as the 0.535 resistance turned support area is remains valid. Watch the 0.535 support area closely as the break below it would greatly shift the sentiment to the downside.

On the other hand, if the 0.535 support area holds, watch for bullish close back above the pullback and 20/60 day moving average to end the current correction.

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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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