Silverlake Axis Ltd – Daily timeframe (Update from 07 Sept 2016)
Current Sentiment: Bullish
Support 1: 0.645 Resistance 1: 0.720
Support 2: 0.600 Resistance 2: 0.740
Price headed higher as expected but fell short of hitting the 0.740 resistance area before entering into a correction. The shooting star rejection on 08/09/16 started the correction movement but the uptrend was held up steadily by the confluence of the uptrend line, 20 day moving average and 0.645 support area.
The bullish rejection with increasing volume off the support area on 04/10/16 succeeded in breaking price above the pullback line and 0.670 range high suggests the continuation of the uptrend next.
Expect price to trend higher next to test the 0.720 resistance area followed by 0.740.
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