BlackGoldNatural Ltd – Daily timeframe (Update from 2 October 2017)
*Stop loss: 0.103
Current Sentiment: Bearish
Support 1: 0.104 Resistance 1: 0.090
Support 2: 0.107 Resistance 2: 0.086
Our trade in BlackGoldNatural has been stopped out at 0.103 on 22/11/17, resulting in a loss of -24.8% since 06/07/17. The equal-weighted loss from this trade dragged the performance of the “Phillip 20 Portfolio” down by -1.24%.
Price managed to test the 0.124 resistance area after the last update, but it failed to break above it. The subsequent bearish rejection off the 0.124 resistance confirmed that area as the range high. Since then, the bearish momentum accelerated sharply and eventually broke price below the key support areas at 0.107, 0.104 and 200 day moving average. In addition, the 20 day moving average has also crossed below the 60 day moving average since 15/11/17 signaling a shift in trend to the downside.
Expect price to remain depressed with 0.090 being the next support area.
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