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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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.