Technical Pulse: YZJ Shipbldg SGD February 10, 2017 23
YZJ Shipbldg SGD – Daily timeframe (Update from 29 November 16)
Current Sentiment: Bullish
Support 1: 0.805 Resistance 1: 0.880
Support 2: 0.795 Resistance 2: 0.920
Price fell as expected after the last update and made a recovery after testing the 0.795 support area, keeping the immediate uptrend intact. Moreover, the confluence of 50% Fibonacci retracement level, 20, 60 day moving average and 0.805 support area held price up.
The increasing volume bullish break above the pullback line and 0830 immediate range high on 09/02/17 signals the resurgence of the buyers.
Expect price to continue trending higher next to test the 0.880 resistance area followed by 0.920.
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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.