Technical Pulse: Sunright Ltd March 24, 2017 79

Sunright Ltd  – Daily timeframe (Update from 22 March 17)


Current Sentiment: Bearish

Support 1: 0.465                   Resistance 1: 0.500

Support 2: 0.435                   Resistance 2: 0.530

Price spiked higher as expected after the last update and even broke above the 0.500 psychological round number resistance area without much trouble. However, the bullish spike above the 0.530 critical resistance area on 23/03/17 failed to sustain signalling some weakness.

The bearish rejection of 0.530 critical resistance area on 23/03/17 resulted price forming a shooting star with extreme volume suggests a correction phase next.

Expect price to correct next to test the 0.465 support area followed by 0.435.

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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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