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.
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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.