Technical Pulse: SUTL Enterprise Ltd April 10, 2017 143

SUTL Enterprise Ltd – Daily timeframe

1

Current Sentiment: Bullish

Support 1: 0.800                   Resistance 1: 0.930

Support 2: 0.755                   Resistance 2: 1.000

Price has been moving in a strong uptrend since August 2016 and the bullish momentum accelerated again in February 2017, taking price higher.

The bullish momentum seemed to have stalled recently around the 1.000 psychological resistance area since 21/03/17 where price entered into a correction. Nonetheless, the uptrend remains intact as the retracement was firmly halted off the confluence of 20 day moving average and 38.2% Fibonacci retracement level. Moreover, the bullish rejection off the support area succeeded in breaking price above the pullback line and 20 day moving average on 07/04/17 with increasing volume suggests the resumption of the uptrend next.

Expect price to trend higher next to test the 0.930 resistance area followed by 1.000.

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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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