QAF Ltd – Daily timeframe (Update from 19 September 16)
Current Sentiment: Bullish
Support 1: 1.310 Resistance 1: 1.390
Support 2: 1.280 Resistance 2: 1.400
The uptrend proceeded smoothly after the last update and broke a new high at 1.390. The correction that ensued managed to find a near term bottom off the confluence of 20 day moving average, 38.2% Fibonacci Retracement level and 1.310 support area, keeping the uptrend intact.
Additionally, there was a bullish break above the pullback line on 09/12/16 suggest the resumption of the uptrend next.
Expect price to rise next to test the 1.390 resistance area followed by 1.400.
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