Technical Pulse: Frasers Centrepoint Trust December 14, 2016 24
Frasers Cpt Tr – Daily timeframe (Update from 4 August 16)
Current Sentiment: Bearish
Support 1: 1.890 Resistance 1: 1.965
Support 2: 1.855 Resistance 2: 2.010
Price has been moving in a downtrend since October 2016 with the 20 day moving average crossing below the 60 day moving average on 26/10/16 further validating the strengthening downtrend.
Subsequently, price found a near term bottom off the 1.930 support area where it consolidated for the past 5 weeks. A bearish breakout with increasing volume finally occurred on 13/12/16 suggests the bearish momentum is about to pick up again.
Expect price to trend lower next to test the 1.890 support area followed by 1.855.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.