Technical Buy

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.