Technical Pulse: Parkson Retail Ltd December 9, 2016 32
Parkson Retail Ltd – Daily timeframe (Update from 19 April 16)
Current Sentiment: Bearish
Support 1: 0.118 Resistance 1: 0.138
Support 2: 0.110 Resistance 2: 0.149
Price began plunging sharply since 16/11/16 after the 0.149 crucial support area gave way. Subsequently, it managed to find a near term bottom off the 0.118 area where price spiked up abruptly on 07/12/16.
However, the follow through on 08/12/16 was extremely weak and the strong bearish rejection off the 20 day moving average and 50% Fibonacci Retracement level was backed by surging volume suggests a reversal back into the downtrend.
Expect price to fall next to retest the 0.118 support area.
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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.