Technical Pulse: HongKongLand USD December 2, 2016 41
HongKongLand USD – Daily timeframe (Update from 28 Nov 16)
Current Sentiment: Bearish
Support 1: 5.98 Resistance 1: 6.40
Support 2: 5.91 Resistance 2: 6.59
Price consolidated further after the last update but the confluence of 6.40 resistance area and 20 day moving average successfully kept a lid on price.
Moreover, there was a strong Bearish Outside Bar rejection off the downtrend line on 01/12/16 indicates the selling pressure is still present.
Expect the prevailing downtrend to take over next for price to test the 5.98 support area followed by 5.91.
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 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.