Technical Sell                                                       

First Resources Ltd – Daily timeframe  (Update from 6 February 2017)

*Entry Price: 1.975    Stop loss : 2.060     Take profit : 1.900

Current Sentiment: Bearish

Support 1: 1.900                   Resistance 1: 2.020

Support 2: 1.820                   Resistance 2: 2.070

Price continued to move in a sideway motion since the last update as the 2.020 range high repeatedly keep a lid on price.

The recent rally since 08/05/17 took price back up to the important 2.020 range high once again and the bullish momentum appears to be waning. The bearish rejection off the 2.020 range high on 23/05/17 resulted in price forming a shooting star with increasing volume signals a reversal back into the range.

Expect price to turn down next to test the 1.900 support area followed by 1.820.