Q&M Dental Ltd – Daily timeframe
*Entry Price: 0.495 Stop loss: 0.440 Take profit: 0.555
*Q&M Dental Ltd will be added to the Phillip 20 Portfolio once the trade is triggered
Current Sentiment: Bullish
Support 1: 0.495 Resistance 1: 0.555
Support 2: 0.440 Resistance 2: 0.595
Price has been stuck in a steep downtrend since February 2017 after hitting a high of 0.780. Since then, price has continued to break multiple 52-week lows as the support area failed to halt the selling pressure.
There was yet another major selloff lately on 10/09/18 with price hitting a new 52-week at 0.445. However, the bulls seemed ready to defend the 0.450 psychological round number. Instead of closing near the day’s low, the bulls succeeded in lifting price back up above the 0.450 psychological round number and managed to close positive for the day. As a result, an increasing volume hammer rejection bar off the 0.450 psychological round number was formed on 10/09/18 signals a reversal higher next.
Expect price to rebound higher once the bullish follow-through happens with 0.555 resistance area being the next target followed by 0.595.