Technical Pulse: Moya Asia Ltd August 23, 2017 212

Technical Buy

Moya Asia Ltd – Daily timeframe (Update from 17 March 2017)

223 aug

*Entry Price: 0.117                Stop loss : 0.096                Take profit : 0.130

*Moya Asia Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.099                   Resistance 1: 0.124

Support 2: 0.097                   Resistance 2: 0.130

Price has been moving in a correction phase since June 2017 after hitting a high of 0.130 resistance area but the long term uptrend remains intact as the 20 and 60 day moving average relentlessly propelled price higher.

The more recent correction since 17/07/17 was eventually halted off the 60 day moving average and 0.099 support area where a period of consolidation happened. After four weeks of consolidation, a bullish breakout finally occurred, implying the formation of a near term bottom. Moreover, there was a surging volume bullish break above the 20/60 day moving average and 0.110 range high on 22/08/17 suggests the resumption of the uptrend next.

Expect price to head higher next to test the 0.124 resistance area followed by 0.130.

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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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