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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