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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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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