Technical Pulse: Golden Energy and Resources Ltd September 29, 2022 1946

Golden Energy and Resources Ltd (SGX: AUE) A possible bearish reversal after reaching the bearish rising wedge resistance as:   


  1. The formation of a bearish engulfing candlestick pattern on 28 September coupled with a shooting star candle which rejected the upper Bollinger Band 2 days ago in a bearish rising wedge provides a bearish signal for the downside to continue.
  2. The Moving Average Convergence Divergence (MACD) technical indicator also points towards a bearish downside as it is displaying an increase in bearish momentum, where the MACD line rejected a crossover of the Signal line.
  3. The price could reach the support zone at 0.625-0.675 which is confluence of 50% Fibonacci retracement level support at 0.635, with the swing high of 0.850 and swing low of 0.420 as points of reference. A breakdown of the rising wedge pattern also presents a target of 0.635 using the swing high of 0.850 and swing low of 0.710 in the wedge measured against the trendline support at 0.775.



*Expected timeline of the trade is 13 weeks from the date of report issuance.




Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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