Technical Pulse: Japfa Limited December 8, 2016 37

Japfa Ltd – Daily timeframe (Update from 31 Oct 16)


Current Sentiment: Bullish

Support 1: 0.880                   Resistance 1: 0.965

Support 2: 0.870                   Resistance 2: 1.000

Price rose as expected after the last update and even tested a new all-time high at the 1.000 psychological resistance area.

A correction eventually happened after the 1.000 resistance area rejected price but the uptrend remains firmly intact. The correction was perfectly halted off the confluence of 38.2% Fibonacci Retracement level, 0.880 support area and 20 day moving average. Moreover, the bullish rejection off the support area resulted in price breaking above the pullback line and 20 day moving average on 07/12/16 with increasing volume suggests a rebound back into the uptrend.

Expect price to trend higher next to test the 0.965 resistance area followed by 1.000.

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 stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!