Moya Asia Ltd – Daily timeframe (Update from 17 March 2017)
*Entry Price: 0.117 Stop loss : 0.096 Take profit : 0.130
*Moya Asia Ltd will be added into the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.099 Resistance 1: 0.124
Support 2: 0.097 Resistance 2: 0.130
Price has been moving in a correction phase since June 2017 after hitting a high of 0.130 resistance area but the long term uptrend remains intact as the 20 and 60 day moving average relentlessly propelled price higher.
The more recent correction since 17/07/17 was eventually halted off the 60 day moving average and 0.099 support area where a period of consolidation happened. After four weeks of consolidation, a bullish breakout finally occurred, implying the formation of a near term bottom. Moreover, there was a surging volume bullish break above the 20/60 day moving average and 0.110 range high on 22/08/17 suggests the resumption of the uptrend next.
Expect price to head higher next to test the 0.124 resistance area followed by 0.130.
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