Sinostar Pec Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.187 Resistance 1: 0.240
Support 2: 0.175 Resistance 2: 0.250
Price has been trending higher with significantly higher volume since December 2016 as the 20 and 60 day moving average propelled price higher within the uptrend.
The recent correction off the 0.240 resistance area was no exception where the 60 day moving average acted as a springboard and reversed the correction. Moreover, the subsequent bullish follow through succeeded in breaking price above the pullback line and 20 day moving average on 21/04/17 signals the resumption of the uptrend. Moreover, the long term 23.8% Fibonacci retracement level is holding price as well.
Expect price to rise next to retest the 0.240 resistance area followed by 0.250.
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