Technical Pulse: Food Empire Ltd August 7, 2017 357

Technical Buy

Food Empire Ltd – Daily timeframe (Update from 12 April 2017)

7 aug

*Entry Price: 0.700                Stop loss : 0.625                Take profit : 0.780

*Food Empire Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.635                   Resistance 1: 0.735

Support 2: 0.610                   Resistance 2: 0.780

Price continued to form a series of higher high and higher low after the last update confirming the uptrend is progressing well.

The recent correction off the 0.780 resistance area since 25/05/17 found a floor off the confluence of 60 day moving average and 0.635 resistance turned support area. Additionally, there was another bullish rejection off the 20/60 day moving average recently, shows a double bottom formation is in the making. The increasing volume bullish break above the 20 day moving average and 0.670 immediate range high on 04/08/17 further confirms the bullish sentiment.

Expect the uptrend to resume next for price to test the 0.735 resistance area followed by 0.780.

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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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