Technical Pulse: Heeton Ltd May 22, 2017 59
Technical Buy
Heeton Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.400 Resistance 1: 0.485
Support 2: 0.365 Resistance 2: 0.510
Price came to life with significantly greater volume since April 2017 after price broke above the 0.395 range high showing growing interest. There was a sharp spike in price since then to the 0.550 resistance area before price entered into a deep correction.
The uptrend appears ready to reestablish itself now as the correction was halted off the confluence of 61.8% Fibonacci retracement level and 0.395 resistance turned support area. Moreover, the bullish rejection off the support area resulted in price breaking above the pullback line and 20 day moving average on 19/05/17 with increasing volume exhibits sign of strength.
Expect price to turn back into the uptrend next to test the 0.485 resistance area followed by 0.510.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.