SPH Ltd – Daily timeframe (Update from 25 September 2017)
Current Sentiment: Bullish
Support 1: 2.66 Resistance 1: 2.88
Support 2: 2.54 Resistance 2: 3.00
Price held on to the 2.54 weekly hammer low firmly after the last update as it went into a consolidation phase. Price started moving in a range bound fashion between the 2.76 range high and 2.66 range low since 25/09/17, but the current bullish price action suggests an accelerating bullish momentum.
After ten weeks of consolidation, a bullish breakout above the 2.54 range high finally occurred on 04/12/17 with volume rising significantly for the past three trading days. This bullish breakout is signalling a start of the next wave higher reinforcing the belief that the 2.54 weekly hammer low is the current bottom.
Expect price to bounce higher next to test the 2.88 resistance area followed by 3.00.