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.
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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.