Technical Pulse: GKE Limited May 3, 2017 67
GKE Ltd – Daily timeframe (Update from 12 July 16)
Current Sentiment: Bullish
Support 1: 0.169 Resistance 1: 0.191
Support 2: 0.160 Resistance 2: 0.200
Price has been trending higher forcefully with significantly greater volume since 25/01/17 after it broke above the 0.109 range high.
A correction subsequently appeared after the bullish momentum stalled around the 0.194 resistance area since 14/02/17. Nonetheless, the uptrend remains intact as the confluence of 60 day moving average and 0.164 resistance turned support area halted the correction. In addition, the bullish break with increasing volume above the 20 day moving average on 02/05/17 should have established the 0.160 on 19/04/17 as the next higher low point within the uptrend.
Expect price to continue heading higher next to retest the 0.191 – 0.194 resistance area followed by 0.200.
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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.