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.
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