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