Technical Pulse: Sunpower Ltd May 30, 2017 58

Technical Buy

Sunpower Ltd – Daily timeframe  (Update from 30 March 2017)


*Entry Price: 0.810     Stop loss : 0.675     Take profit : 0.950

Current Sentiment: Bullish

Support 1: 0.710                   Resistance 1: 0.880

Support 2: 0.680                   Resistance 2: 0.950

Price went further into the correction instead after the last update as it continued to break below the 20 and 60 day moving average, justifying for a deep correction.

Nonetheless, the long term uptrend remains intact as the long term 20 week moving average succeeded in halting the correction since 11/05/17 and formed a higher low point within the uptrend.

Moreover, after a prolonged period of consolidation for the past 2 months since April, price finally came to life shown by the increasing volume bullish break above the pullback line, 0.745 immediate range high and 20, 60 day moving average on 29/05/17 suggests the next leg higher within the uptrend.

Expect price to trend higher next to test the 0.880 resistance area followed by 0.950.

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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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