Technical Pulse: Sunningdale Tech Ltd February 3, 2017 14

Sunningdale Tech Ltd – Daily timeframe (Update from 10 January 2017)


Current Sentiment: Bullish

Support 1: 1.140                   Resistance 1: 1.240

Support 2: 1.100                   Resistance 2: 1.265

Buyers managed to breakout above of the 1.060 resistance area and 20, 60 day moving average instead after the last update which shifted the trend into a bullish one. Furthermore, the 20 day moving average crossed above the 60 day moving average on 07/11/16 further validates the change in sentiment.

Since then, price has been trending higher with the support of the 20 and 60 day moving average. The bullish momentum appears to be building up here as price broke above the 1.140 resistance area remarkably on 02/02/17. Moreover, the bullish break was backed by surging volume as the 20 day moving average propelled price higher.

Expect price to continue trending higher next to test the 1.240 resistance area next followed by 1.265.

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About the author

Profile photo of Jeremy Ng

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.

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