Technical Pulse: Food Empire Ltd April 12, 2017 315
Food Empire Ltd – Daily timeframe (Update from 3 March 17)
Current Sentiment: Bullish
Support 1: 0.575 Resistance 1: 0.635
Support 2: 0.535 Resistance 2: 0.660
Price headed higher as expected after the last update but was once again rejected by the 0.635 resistance area, causing price to enter into a correction.
However, the uptrend was firmly supported by the confluence of 20 day moving average and 0.575 support area. Price seems ready to take off again after breaking above the pullback line and 0.595 range high on 11/04/17. Moreover, price also succeeded in closing above the 20 day moving average on 11/04/17 with increasing volume signals rising bullish momentum.
Expect the uptrend to resume next for price to test the 0.635 resistance area followed by 0.660.
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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.