Technical Pulse: SPH Ltd December 5, 2017

TECHNICAL BUY

SPH Ltd – Daily timeframe (Update from 25 September 2017)

5 Dec

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.

Comments

5 Comments on "Technical Pulse: SPH Ltd"

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Cheng Chong Eu
Cheng Chong EuDecember 7, 2017 9:29 am

Whooooooooa, Philip, you just made my day lah. HUAT. I was SO concerned with this share, tanking from above $3 to to just $2.66 in 5 months. 12% drop in five is painful lah, huat. Cheebek. But reading your $2.88 and $3.00 resistance put a big smile on my oily face lah, huat !!!!!

Anton
AntonDecember 6, 2017 3:43 pm

Thanks.

Anton
AntonDecember 5, 2017 11:49 am

Are you adding SPH to your portfolio?

Anton
AntonDecember 5, 2017 11:48 am

Are you adding to SPH in your portfolio?

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Investment 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 graduated with a Bachelor of Science in Banking and Finance from University of London.

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