Technical Pulse: Food Empire Ltd August 22, 2017 239

Stopped Out

Food Empire Ltd – Daily timeframe (Update from 7 August 2017)

23 Aug

*Stop loss : 0.625

Current Sentiment: Bearish

Support 1: 0.610                   Resistance 1: 0.715

Support 2: 0.550                   Resistance 2: 0.780

Food Empire has been stopped out at 0.625 on 21/08/17 due to the weakening momentum, resulting in -10.71% loss since 07/08/17. The equal weighted loss from Food Empire dragged the performance of the “Phillip 20 Portfolio” down by -0.53%.

Due to the lack of bullish follow through after the last update as the 0.715 resistance area capped price down, price dwindled lower and broke out below the 0.630 key support area on 21/08/17.

Further weakness might appear once a convincing bearish close below the 0.630 support area happens. Additionally, the recent bearish momentum has led to the 20 day moving average crossing below the 60 day moving average signals a shift in sentiment to the downside.

Expect price to remain depressed next to target the 200 day moving average. 

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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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