China Sunsine Ltd – Daily timeframe (Update from 10 March 17)
*Entry Price: 0.735 Stop loss : 0.655 Take profit : 0.800
Current Sentiment: Bullish
Support 1: 0.695 Resistance 1: 0.750
Support 2: 0.660 Resistance 2: 0.800
Price trended higher as expected after the last update and even broke out above the 0.580 critical resistance area with ease since 23/03/17 suggesting a strengthening bullish momentum. Moreover, after the bullish breakout, volume has been rising significantly showing an increase in interest.
The recent correction off the 0.800 psychological resistance area since 02/05/17 appears to be ending as price found some strong support off the 20 day moving average. Additionally, there was an increasing volume Bullish Outside Bar rejection off the 20 day moving average on 09/05/17 signals a reversal back into the uptrend.
Expect price to rise next to retest the 0.750 resistance area followed by 0.800.
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