Quick technical review of the main index and selected counters for week ending 19 Nov 2017. Strictly for illustrative purposes only.
- Downside bias prevails
- Immediate support at 1,716, whilst immediate resistance at 1,735
- Oversold in RSI as well as trading below lower Keltner channel
- Potential pullback
- Downtrend if breaks support at 0.61
- Immediate resistance at 0.675, next at 0.705
- In trading range
- Immediate support at 1.38
- Immediate resistance at 1.65, next at 1.75
- Potential pullback (however, not in oversold position yet)
- May personally consider entry nearer towards 1.05, with potential stop loss @ 0.95 and target exit at 1.30 with reward-to-risk ratio of approx 2.50x
- More likely to be a possible ‘failure test’ entry
- Prepare to set strict stop loss at 0.82, with possible target exit at 1.06. Anticipate low reward-to-risk ratio
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