Technical Pulse: Geo Energy Resources Ltd April 18, 2018 1542

Technical Buy

Geo Energy Res Ltd – Daily timeframe

18 apr

*Entry Price: 0.250       Stop loss : 0.205     Take profit : 0.300

*Geo Energy Res Ltd will be added to the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.215                   Resistance 1: 0.280

Support 2: 0.210                   Resistance 2: 0.300

Price has been stuck on a decline since November 2017 and broken below the 0.230 support area recently. However, the bearish follow through after the breakout was limited suggesting the bulls are still present.

More specifically, after testing the 0.215 support area on 26/03/18, price seemed to have found a base. Price began consolidating between the 0.215 range low and 0.230 range high. The current bullish price action might be signalling a reversal higher next.

There was a strong bullish breakout above the 0.230 range high on 17/04/18 with increasing volume suggests a possible bottoming process here. Moreover, the bullish breakout also succeeded in closing price above the 20 and 60 day moving average simultaneously showed sign of strength.

Expect price to reverse higher next to test the 0.280 resistance area followed by 0.300.

Note: Our current fundamental view on Geo Energy Res is a Buy rating with a fair value of $0.47.

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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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