Technical Pulse: GSS Energy Ltd February 15, 2017 15

GSS Energy Ltd  – Daily timeframe  (Update from 3 February 17)


Current Sentiment: Bearish

Support 1: 0.111                   Resistance 1: 0.126

Support 2: 0.107                   Resistance 2: 0.129

The correction mentioned in the last update fell short of hitting the 0.093 support area before price spiked higher with extreme volume, breaking the 0.107 resistance area on 13/02/17.

However, the bullish momentum appears to be exhausted as price approached the 0.126 resistance area. Price broke above the 0.126 resistance area marginally on 14/02/17 but failed to hold onto the gains and closed at the day’s low signalling weakness. As a result, a shooting star rejection off the 0.126 resistance area with surging volume was formed suggesting a correction phase next.

Expect price to correct lower next to test the 0.111 support area followed by 0.107.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!