Technical Pulse: Golden Energy Ltd August 2, 2017 231

Golden Energy Ltd – Daily timeframe

2 aug

*Golden Energy Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.380                   Resistance 1: 0.465

Support 2: 0.365                   Resistance 2: 0.485

Price has been moving in a sharp decline since February 2017 but some signs of a bottom are appearing. After piercing below the 0.380 support area recently since 28/07/17, price was relentlessly held up, proving the importance of the 0.380 support area.

The hammer rejection off the 0.365 low on 28/07/17 shows a possible double bottom formation here. Moreover, the subsequent bullish follow through on 01/08/17 broke price substantially above the downtrend line, 20 day moving average and 0.405 resistance area indicates a strong sign of reversal. In addition, the 28/07/17 bullish break was backed by a significant amount of volume after a prolonged period of relatively low volume suggests a rising interest.

Expect price to rise next to test the 0.465 resistance area followed by 0.485.

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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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