Jumbo Ltd – Daily timeframe (Update from 24 February 17)
Current Sentiment: Bullish
Support 1: 0.680 Resistance 1: 0.740
Support 2: 0.660 Resistance 2: 0.765
Price went further into the correction instead after the last update due to the lack of bullish follow through but the long term uptrend remains intact. The correction lasted for another 13 trading days before it was halted off the confluence of 0.680 resistance turned support area and 61.8% Fibonacci retracement level.
The rejection off the support area formed a Bullish Engulfing Bar on 16/03/17 shows a possible reversal back into the uptrend. Moreover, the increasing volume bullish follow through on 20/03/17 succeeded in breaking price above the pullback line signals the resurgence of the buyers.
Expect the uptrend to resume next for price to test the 0.740 resistance area followed by 0.765.
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