SingMedical Ltd – Daily timeframe (Update from 22 Nov 16)
Current Sentiment: Bullish
Support 1: 0.420 Resistance 1: 0.475
Support 2: 0.410 Resistance 2: 0.490
The lack of bullish follow through after the last update resulted in further correction in price but the uptrend remains intact. The confluence of 20 day moving average and 0.420 support area held price up once again and some sign of strength showed up recently.
There was an increasing volume bullish break above the 0.440 immediate range high and 20 day moving average on 05/12/16 suggests further upside next.
Expect price to trend higher next to test the 0.475 resistance area followed by 0.490.
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