Technical Pulse: SPH Ltd December 5, 2017 649
TECHNICAL BUY
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.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.