Parkson Retail Ltd – Daily timeframe (Update from 19 April 16)
Current Sentiment: Bearish
Support 1: 0.118 Resistance 1: 0.138
Support 2: 0.110 Resistance 2: 0.149
Price began plunging sharply since 16/11/16 after the 0.149 crucial support area gave way. Subsequently, it managed to find a near term bottom off the 0.118 area where price spiked up abruptly on 07/12/16.
However, the follow through on 08/12/16 was extremely weak and the strong bearish rejection off the 20 day moving average and 50% Fibonacci Retracement level was backed by surging volume suggests a reversal back into the downtrend.
Expect price to fall next to retest the 0.118 support area.
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