Technical Pulse: Memtech International Ltd May 11, 2017 53

Memtech Intl Ltd  – Daily timeframe


*Entry Price: 0.845             Stop loss : 0.765                  Take profit : 0.900

Current Sentiment: Bullish

Support 1: 0.770                   Resistance 1: 0.900

Support 2: 0.710                   Resistance 2: 0.950

Price has been moving in an uptrend with life recently since February 2017 as the volume picked up significantly. A correction only appeared after price hit the 0.900 psychological resistance area on 26/04/17.

Nonetheless, the uptrend remains intact as price was readily supported off the confluence 20 day moving average, 38.2% Fibonacci retracement level and 0.770 support area. As a result, buyers succeeded in breaking price above the pullback line with increasing volume on 09/05/17 shows the reacceleration of bullish momentum.

Expect the uptrend to resume next for price to retest the 0.900 resistance area followed by 0.950.

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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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