Alliance Mineral Ltd  – Daily timeframe (Update from 15 March 17)

Current Sentiment: Bullish

Support 1: 0.285                   Resistance 1: 0.360

Support 2: 0.245                   Resistance 2: 0.395

Price rose as expected after the last update and continued breaking new highs. The bullish momentum was so strong until it hit a high of 0.425 resistance area before entering into a significant correction.

The correction rebounded off the confluence of 50% Fibonacci retracement level and 0.285 support area firmly, keeping the uptrend intact. Additionally, there was an aggressive bullish rejection off the support area on 19/04/17 that succeeded in forming a Bullish Outside Bar. Furthermore, the Bullish Outside Bar rejection on 19/04/17 broke price above the pullback line and 20 day moving average with increasing volume suggests the resumption of the uptrend next.

Expect price to head higher next to test the 0.360 resistance area followed by 0.395.