Technical Pulse: Metro Ltd May 4, 2017 46
Metro Ltd – Daily timeframe (Update from 3 April 17)
Current Sentiment: Bullish
Support 1: 1.145 Resistance 1: 1.215
Support 2: 1.100 Resistance 2: 1.250
Price has been moving in an uptrend since October 2016 as the 20 and 60 day moving average constantly acted as a springboard.
Currently, price is moving in a corrective wave as mentioned in the last update with some sign of bottoming appearing. As long as the 20 and 60 day moving average holds, price should continue to move ahead within the uptrend to break new highs.
Watch for price to break above the pullback line for confirmation of the next wave up.
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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.