Technical Pulse: Spackman Ltd February 1, 2017 20
Spackman Ltd – Daily timeframe (Update from 10 January 2017)
Current Sentiment: Bullish
Support 1: 0.169 Resistance 1: 0.199
Support 2: 0.154 Resistance 2: 0.220
Price went further into the correction after the last update but managed to find some strong support off the confluence of 38.2% Fibonacci retracement level and 0.169 resistance turned support area. The uptrend appears ready to turn around here after price rejected the support area aggressively resulting in the formation of a Bullish Engulfing Bar. Moreover, the bullish break on 31/01/17 broke price significantly above the pullback and 20 day moving average with increasing volume suggests further upside next.
Expect price to rise further next to test the 0.199 resistance area followed by 0.220
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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.