PanUnited Ltd – Daily timeframe
*Entry Price: 0.550 Stop loss : 0.500 Take profit : 0.610
*PanUnited Ltd will be added into the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.520 Resistance 1: 0.580
Support 2: 0.505 Resistance 2: 0.610
Price has been moving in a steep decline since May 2017 after testing the 0.810 resistance area. The selloff has taken price down to a critical support area where a near term rebound is expected.
The strong recovery after the sharp selloff on 21/08/17 resulted in price forming a hammer rejection off the 0.520 key support area signals a possible bottom here. Moreover, the hammer rejection was backed by increasing volume suggests a build-up in momentum.
Expect price to turn around next once the bullish follow through happens where price heads higher to test the 0.580 resistance area followed by 0.610.
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