Technical Pulse: GSS Energy Limited December 13, 2016 17

GSS Energy Ltd – Daily timeframe


Current Sentiment: Bullish

Support 1: 0.080                   Resistance 1: 0.093

Support 2: 0.078                   Resistance 2: 0.100

Price has bottomed out since July 2016 as the crossover between the 20 and 60 day moving average to the upside on 15/09/16 confirms the current uptrend. There was a sharp pullback recently off the 0.107 resistance area but the support off the 50% Fibonacci Retracement area and 0.069 support area was strong enough to halt the move. Moreover, the 20 day moving average managed to stay well above the 60 day moving average indicates the uptrend is still intact. The surging volume bullish break above the downtrend line on 12/12/16 suggests the resumption of the uptrend next.

Expect price to rise next to test the 0.100 resistance area followed by 0.107.

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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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