Technical Pulse: OUE Ltd October 23, 2017 898
TECHNICAL BUY
OUE Ltd – Daily timeframe (Update from 9 October 2017)
*OUE has been added to the “Phillip 20 Portfolio“ since 9 October 2017
Current Sentiment: Bullish
Support 1: 2.020 Resistance 1: 2.130
Support 2: 1.935 Resistance 2: 2.200
Price proceeded along the uptrend smoothly after the last update and the subsequent price action hints on strengthening bullish momentum. The crossover of the 20 day moving average above the 60 day moving average on 11/10/17 confirmed the immediate uptrend had turned back up.
Moreover, since the bullish breakout of the 1.980 range high as mentioned in the last update, volume continued to rise significantly showing a growing interest. The recent bullish momentum wobbled slightly on 16/10/17 after testing the 2.06 resistance area, but the bears appeared weak. Price finally broke above the 2.06 resistance area effectively on 20/10/17 with surging volume further validates the bullish narrative as mentioned in the last update.
Expect the uptrend to continue taking price higher to test the 2.130 resistance area followed by 2.200.
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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.