Technical Pulse: Jumbo Ltd March 21, 2017 63

Jumbo Ltd – Daily timeframe (Update from 24 February 17)


Current Sentiment: Bullish

Support 1: 0.680                   Resistance 1: 0.740

Support 2: 0.660                   Resistance 2: 0.765

Price went further into the correction instead after the last update due to the lack of bullish follow through but the long term uptrend remains intact. The correction lasted for another 13 trading days before it was halted off the confluence of 0.680 resistance turned support area and 61.8% Fibonacci retracement level.

The rejection off the support area formed a Bullish Engulfing Bar on 16/03/17 shows a possible reversal back into the uptrend. Moreover, the increasing volume bullish follow through on 20/03/17 succeeded in breaking price above the pullback line signals the resurgence of the buyers.

Expect the uptrend to resume next for price to test the 0.740 resistance area followed by 0.765.

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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.

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