Technical Pulse: PanUnited Ltd August 22, 2017 670

Technical Buy

PanUnited Ltd – Daily timeframe

22 Aug

*Entry Price: 0.550                Stop loss : 0.500                Take profit : 0.610

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

Current Sentiment: Bullish

Support 1: 0.520                   Resistance 1: 0.580

Support 2: 0.505                   Resistance 2: 0.610

Price has been moving in a steep decline since May 2017 after testing the 0.810 resistance area. The selloff has taken price down to a critical support area where a near term rebound is expected.

The strong recovery after the sharp selloff on 21/08/17 resulted in price forming a hammer rejection off the 0.520 key support area signals a possible bottom here. Moreover, the hammer rejection was backed by increasing volume suggests a build-up in momentum.

Expect price to turn around next once the bullish follow through happens where price heads higher to test the 0.580 resistance area followed by 0.610.

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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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