DairyFarm USD – Daily timeframe  (Update from 4 October 16)

Current Sentiment: Bullish

Support 1: 8.56                     Resistance 1: 9.25

Support 2: 8.34                     Resistance 2: 9.50

Price rose as expected after the last update and broke out with great bullish momentum after clearing above the 7.52 range high since 23/01/17.

The uptrend remains strong even after the recent minor sell off since 29/03/17 as the correction was gradually halted off the confluence of 60 day moving average and 8.56 resistance turned support area. Additionally, the reversal off the support area succeeded in breaking price back above the 20 day moving average on 26/04/17 with increasing volume suggests the resurgence of the buyers.

Expect price to turn up from here to test the 9.25 resistance area followed by 9.50.