BreadTalk Ltd – Daily timeframe
*Entry Price: 1.645 Stop loss : 1.470 Take profit : 1.800
*BreadTalk Ltd will be added to the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 1.525 Resistance 1: 1.685
Support 2: 1.475 Resistance 2: 1.800
Price has been moving in a sturdy uptrend since November 2016, but the 1.800 round number halted the bullish momentum. Since hitting the 1.800 round number in August 2017, price has been going through a correction while keeping the uptrend intact. The uptrend will remain valid as long as the 1.475 higher low point holds.
More recently, price continued to consolidate around the 1.525 to 1.580 range. However, the uptrend appears to be gaining strength with the recent bullish breakout. After rebounding off the 1.525 range low on 27/10/17, the bullish follow through on 01/11/17 signalled a bullish price action as it broke above both the 1.580 and 1.615 resistance areas simultaneously. Moreover, the volume in the background is rising significantly.
With the current strong bullish break, the 1.525 range low should act as the next higher low point within this uptrend. Expect the uptrend to resume next for price to test the 1.685 resistance area followed by 1.800.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks