First Resources Ltd – Daily timeframe (Update from 06 Sept 16)
Current Sentiment: Bullish
Support 1: 1.740 Resistance 1: 1.915
Support 2: 1.705 Resistance 2: 2.000
Price headed higher after the last update as it began correcting again after testing the 1.915 resistance area on 07/09/16. The recent correction went on longer than expected where it eventually rebounded off the confluence of 50% Fibonacci Retracement level and 1.705 support area.
Subsequently, buyers succeeded in breaking price above the pullback line and 20 day moving average on 25/10/16 with increasing volume suggesting the uptrend is still intact.
Expect price to rise next to test the 1.915 resistance area followed by 2.000.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks