*Entry Price: 0.590 Stop loss : 0.490 Take profit : 0.700
*JB Foods Ltd will be added to the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.530 Resistance 1: 0.660
Support 2: 0.490 Resistance 2: 0.700
Price has been moving in a strong uptrend since November 2017 as the 20 and 60 day moving average continues to act as a springboard for propelling price higher. Notice how each correction was perfectly halted by the 20 or 60 day moving average shown by the highlighted areas.
Despite the sharp selloff in March with price falling –19% off the 0.66 high, the long-term uptrend remains intact as price continues to hold on to the uptrend structure of Higher Highs (HH) and Higher Lows (HL). Moreover, with the recent selloff, the 60 day moving average has once again halted the selloff since 04/04/18. As a result, an increasing volume Bullish Outside Bar was formed on 09/04/18 signals the resumption of the uptrend next. Furthermore, the Bullish Outside Bar also succeeded in breaking above the pullback line suggests the end of the correction/selloff.
Expect price to head higher next to retest the 0.66 resistance area followed by 0.700.
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