Amara Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 0.505 Resistance 1: 0.570
Support 2: 0.500 Resistance 2: 0.580
Price began moving in a lively uptrend after the bullish breakout above the 0.410 range high occurred on 06/02/17. Since then, volume has been picking up noticeably as price continued to break new highs.
A correction only appeared recently after price was rejected by the 0.540 resistance area on 30/03/17. However, the correction seems to be short-lived as the confluence of 20 day moving average and 0.505 support area readily halted the sell-off.
Additionally, the bullish rejection off the support area resulted in price breaking above the pullback line with surging volume on 11/04/17 suggests the resumption of the uptrend next.
Expect price to continue breaking new highs next as it targets the 0.570 resistance area followed by 0.580.
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