Technical Pulse: Straits Trading Limited April 11, 2017 152
Straits Trading Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 2.22 Resistance 1: 2.40
Support 2: 2.17 Resistance 2: 2.45
Price has broken out into a strong uptrend since February 2017 after the 20 day moving average crossed above the 60 day moving average on 15/02/17.
A correction recently appeared after price hit the 2.40 resistance area obstacle on 20/03/17. The 20/03/17 shooting star rejection off the 2.400 resistance area moved price into a correction where it was subsequently halted off the 2.22 resistance turned support area kept price within the uptrend.
Moreover, price has finally broken out of the 11 days range, above the 2.30 range high with increasing volume on 10/04/17 suggests a continuation with the bullish momentum.
Expect price to trend higher next to test the 2.40 resistance area followed by 2.45.
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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.