Technical Pulse: Valuetronics Ltd July 14, 2017 283
Technical Buy
Valuetronics Ltd – Daily timeframe (Update from 4 April 2017)
*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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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.