Technical Pulse: GSS Energy Ltd February 3, 2017 10
GSS Energy Ltd – Daily timeframe (Update from 13 December 16)
Current Sentiment: Bearish
Support 1: 0.093 Resistance 1: 0.107
Support 2: 0.091 Resistance 2: 0.111
Price rose as expected with some delay after the last update and appears exhausted after testing the 0.107 key resistance area. There was a strong surge in price on 31/01/17 that took price higher with extreme volume but the follow through was lacking.
Buyers tried to take price higher the following day on 01/02/17 but failed to sustain the gains and price closed near the low resulting in the formation of a shooting star. Moreover, the shooting star was also backed by surging volume suggesting a possible period of correction next.
Expect price to enter into a correction phase next to test the 0.093 support area.
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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.