Technical Pulse: Valuetronics Ltd July 14, 2017 283

Technical Buy

Valuetronics Ltd – Daily timeframe (Update from 4 April 2017)

14 jul

*Entry Price: 0.825                Stop loss : 0.740                Take profit : 0.950

*Valuetronics Ltd will be added into the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.775                   Resistance 1: 0.880

Support 2: 0.745                   Resistance 2: 0.950

Price rose as expected after the last update and eventually met with strong resistance off the 0.880 area since 08/06/17.

The correction since 08/06/17 has presented another opportunity to add on to the existing uptrend as price was readily supported off the confluence of 20/60 day moving average and 0.775 support area.

Moreover, the reversal off the support area since 12/06/17 managed to spur price back above the 20 day moving average and 0.815 range high on 13/07/17 with increasing volume suggests the resumption of the uptrend.

Expect price to head higher next to test the 0.880 resistance area next 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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