Technical Pulse: QAF Limited December 12, 2016 25
QAF Ltd – Daily timeframe (Update from 19 September 16)
Current Sentiment: Bullish
Support 1: 1.310 Resistance 1: 1.390
Support 2: 1.280 Resistance 2: 1.400
The uptrend proceeded smoothly after the last update and broke a new high at 1.390. The correction that ensued managed to find a near term bottom off the confluence of 20 day moving average, 38.2% Fibonacci Retracement level and 1.310 support area, keeping the uptrend intact.
Additionally, there was a bullish break above the pullback line on 09/12/16 suggest the resumption of the uptrend next.
Expect price to rise next to test the 1.390 resistance area followed by 1.400.
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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.