Technical Pulse: Metro Limited April 3, 2017 15
Metro Ltd – Daily timeframe (Update from 9 March 17)
Current Sentiment: Bearish
Support 1: 1.170 Resistance 1: 1.200
Support 2: 1.145 Resistance 2: 1.215
Price rose as expected after the last update and even soared pass the 1.170 critical resistance area forcefully on 30/03/17 with extreme volume. However, the bullish momentum faded off the following day and the bullish momentum appears to be exhausted.
Price tried breaking higher above the 1.200 psychical round number resistance on 31/03/17 but failed to hold onto the gains and ended closing the day near the low at 1.180. As a result, a shooting star rejection with high volume was formed suggesting a period of correction next.
Expect price to head lower next to test the 1.170 support area followed by 1.145.
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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.