Chasen Ltd – Daily timeframe (Update from 9 October 2017)
*Stop loss: 0.081
Current Sentiment: Bearish
Support 1: 0.077 Resistance 1: 0.090
Support 2: 0.070 Resistance 2: 0.094
Our trade in Chasen has been stopped out at 0.081 on 23/11/17, resulting in a loss of -12.9% since 09/10/17. The equal-weighted loss from this trade dragged the performance of the “Phillip 20 Portfolio” down by -0.645%.
The bullish momentum failed to sustain after the last update, and the bears finally broke price below the critical support area at 0.082 on 23/11/17. Further sign of weakness is flagged out by the 20 day moving average crossing below the 60 day moving average since 14/11/17. Moreover, price has succeeded in closing below the 200 day moving average on 23/11/17 signals a shift in the sentiment to the downside.
Expect price to stay depressed moving forward as sellers target the 0.077 support area followed by 0.070.
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