Technical Pulse: GSS Energy Ltd May 5, 2017 83

GSS Energy Ltd – Daily timeframe (Update from 15 February 17)


*Entry Price: 0.169  Stop loss : 0.148     Take profit : 0.194

Current Sentiment: Bullish

Support 1: 0.149                   Resistance 1: 0.184

Support 2: 0.141                   Resistance 2: 0.198

Price continued to march along the uptrend instead after the last update and subsequently hit a roadblock off the 0.200 psychological resistance area. The bearish rejection off the 0.200 resistance area moved price into a significant correction while the confluence of 60 day moving average, 38.2% Fibonacci retracement level and 0.149 support area kept the long term uptrend intact.

The uptrend appears ready to resume here shown by the increasing volume bullish break above the pullback line, 20 day moving average and 0.164 range high on 04/05/17.

Expect price to rise next to retest the 0.184 resistance area followed by 0.198.

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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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