Technical Pulse: SUTL Enterprise Ltd May 4, 2017 15
SUTL Enterprise Ltd – Daily timeframe (Update from 10 April 17)
Current Sentiment: Bullish
Support 1: 0.800 Resistance 1: 1.000
Support 2: 0.755 Resistance 2: 1.050
Price has been moving in an uptrend since February 2017 with volume picking up steadily in the background.
The uptrend remains intact even as price enters into a correction after testing the 1.000 psychological resistance area on 31/03/17.
The strong support off the 20 day moving average managed to hold price up and the 05/04/17 bullish rejection might mark the next higher low point within this uptrend.
Price should continue to move within the uptrend to retest the 1.000 resistance area next.
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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.