Technical Pulse: Wing Tai Limited April 28, 2017 638

Wing Tai Ltd  – Daily timeframe  (Update from 14 September 16)


Current Sentiment: Bullish

Support 1: 1.820                   Resistance 1: 1.935

Support 2: 1.765                   Resistance 2: 1.960

Price manged to rebound off the 1.575 critical support area since 27/12/16 where it eventually turned into an uptrend, further confirmed by the 20 day moving average crossing above the 60 day moving average on 23/01/17.

There was a correction recently after price hit the 1.935 resistance area on 09/03/17 but the correction was short lived as price was readily supported off the confluence of 60 day moving average, 1.820 resistance turned support area and 38.2% Fibonacci retracement level. In addition, the bullish rejection off the support area succeeded in breaking price above the 20 day moving average and pullback line on 27/04/17 signals the resumption of the uptrend.

Expect price to head higher next to retest the 1.935 resistance area followed by 1.960.

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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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