Healthway Med Ltd – Daily timeframe
*Entry Price: 0.051 Stop loss : 0.043 Take profit : 0.058
Current Sentiment: Bullish
Support 1: 0.049 Resistance 1: 0.054
Support 2: 0.045 Resistance 2: 0.058
Since hitting a high of 0.064 in November 2017, price has been moving in a correction. The recent drop below the 0.050 psychological round number resulted in price falling –26% from the 0.064 high since November 2017, but there might be a near-term bottom after five months of being in a correction.
Price fell to an intraday low of 0.047 on 02/04/18 only to be met with strong bullish rejection with price closing at a high of 0.050. As a result, a bullish price action, hammer was formed on 02/04/18 with increasing volume suggests a reversal higher next. Moreover, the hammer also rebounded off the long-term 50% Fibonacci retracement level since December 2016 suggesting a strong support is forming.
Expect the long-term uptrend to resume next for price to test the 0.054 resistance area followed by 0.058.
If the hammer on 02/04/18 fails to hold, the next key support area to watch is the 0.045 – 0.044 area.
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