Technical Pulse: New Silkroutes Limited December 2, 2016 28

New Silkroutes Ltd – Daily timeframe   

2

Current Sentiment: Bullish

Support 1: 1.005                   Resistance 1: 1.090

Support 2: 0.925                   Resistance 2: 1.100

Price has been rising in a powerful uptrend since August 2016 and the uptrend still appears strong. The 20 day moving average has been propelling price higher after every correction and price is currently hovering around that area.

Price was once again supported by the confluence of 20 day moving average and 1.005 resistance turned support area after the recent correction. Additionally, there was a bullish break above the 20 day moving average on 12/01/16 suggests further upside next.

Expect price to trend higher next to test the 1.090 resistance area followed by 1.100.

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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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