Technical Pulse: Valuetronics Ltd November 2, 2017 1022


Valuetronics Ltd – Daily timeframe (Update from 28 September 2017)


*Take Profit: 1.005

Current Sentiment: Bearish

Support 1: 0.980                   Resistance 1: 1.050

Support 2: 0.935                   Resistance 2: 1.100

The uptrend proceeded along as expected after the last update and managed to test the 1.050 psychological resistance area. However, some sign of exhaustion appeared after the 1.050 rejected price on 31/10/17. The subsequent bearish follow through on 01/11/17 also formed a bearish evening star formation suggests a high likelihood of a correction next.

Notice how the bullish bar volume spike on 14/08/17 resembles the current bullish bar volume spike on 30/10/17. The last time that happened, price went into a  -15% correction

Hence, with the current bearish price action, we have decided to close out our position in Valuetronics since 28/09/17 at 1.005 in anticipation of a correction. As a result, this trade contributed an equal-weighted gain of 1.09% to the “Phillip 20 portfolio.”

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!