Cityneon Ltd – Daily timeframe (Update from 6 Oct 2016)
Current Sentiment: Bullish
Support 1: 0.885 Resistance 1: 0.970
Support 2: 0.860 Resistance 2: 1.050
The lack of bullish follow through after the last update resulted in further correction in price.
Nonetheless, the 0.885 support area managed to hold price up once more. The 14/10/16 Bullish Engulfing Bar took price back above the 20 day moving average and immediate pullback line suggests the resumption of the uptrend next. Furthermore, a double bottom is gradually building up.
Expect price to rise next to test the 0.970 resistance area followed by 1.050.
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