Food Empire Ltd – Daily timeframe (Update from 12 April 2017)
*Entry Price: 0.700 Stop loss : 0.625 Take profit : 0.780
*Food Empire Ltd will be added into the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.635 Resistance 1: 0.735
Support 2: 0.610 Resistance 2: 0.780
Price continued to form a series of higher high and higher low after the last update confirming the uptrend is progressing well.
The recent correction off the 0.780 resistance area since 25/05/17 found a floor off the confluence of 60 day moving average and 0.635 resistance turned support area. Additionally, there was another bullish rejection off the 20/60 day moving average recently, shows a double bottom formation is in the making. The increasing volume bullish break above the 20 day moving average and 0.670 immediate range high on 04/08/17 further confirms the bullish sentiment.
Expect the uptrend to resume next for price to test the 0.735 resistance area followed by 0.780.
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