Ezion Ltd – Daily timeframe (Update from 17 June 2016)
Current Sentiment: Bearish
Support 1: 0.325 Resistance 1: 0.370
Support 2: 0.295 Resistance 2: 0.415
Price has been surging aggressively since 02/09/16 but the move seems overextended. After the bullish breakout above the 0.295 range high on 05/10/16, price has not experienced a down day until 11/10/16.
There was a Dark Cloud Cover rejection off the 0.370 support turned resistance area on 11/10/16 suggesting a correction in price should happen next. Moreover, the volume is picking up in the background.
Expect the correction to take price down to the 0.325 support area next.
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