Technical Pulse: ST Engineering Ltd February 17, 2017 46
ST Engineering Ltd – Daily timeframe (Update from 23 January 17)
Current Sentiment: Bearish
Support 1: 3.26 Resistance 1: 3.42
Support 2: 3.17 Resistance 2: 3.44
Price headed higher instead after the last update and it’s currently testing the 3.42 critical resistance area once again.
Buyers are having a hard time clearing above the 3.42 resistance area shown by the increasing volume shooting star rejection on 16/02/17. If the shooting star low of 3.38 gets taken out to the downside, there is a high chance that a triple top formation would weight down on price.
Expect the bearish sentiment to remain as long as the 3.42 resistance area holds where price should fall back lower to test the 3.26 support area followed by 3.17.
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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.