Frasers Cpt Tr – Daily timeframe (Update from 4 August 16)
Current Sentiment: Bearish
Support 1: 1.890 Resistance 1: 1.965
Support 2: 1.855 Resistance 2: 2.010
Price has been moving in a downtrend since October 2016 with the 20 day moving average crossing below the 60 day moving average on 26/10/16 further validating the strengthening downtrend.
Subsequently, price found a near term bottom off the 1.930 support area where it consolidated for the past 5 weeks. A bearish breakout with increasing volume finally occurred on 13/12/16 suggests the bearish momentum is about to pick up again.
Expect price to trend lower next to test the 1.890 support area followed by 1.855.
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