Chasen Ltd – Daily timeframe
*Entry Price: 0.093 Stop loss : 0.081 Take profit : 0.106
*Chasen Ltd will be added to the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.083 Resistance 1: 0.094
Support 2: 0.077 Resistance 2: 0.101
Price has been consolidating between the 0.083 range low and 0.094 range high for the past three months after a prolonged correction off the 0.143 high in April 2017. A strong support around the 50% long-term Fibonacci retracement level and 0.083 support area have been keeping the uptrend intact, and some sign of strength appeared lately.
The firm rejection off the 0.083 range low since 15/09/17 succeeded in breaking price above the 20/60 day moving average and downtrend line on 06/10/17 with increasing volume suggests a high likelihood of price breaching above the 0.094 range high. Moreover, volume has been picking up significantly since 04/10/17 showing a growing interest.
Expect the uptrend to resume next for price to break above the 0.094 range high to target the 0.101 resistance area followed by 0.106.
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