Straits Trading Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 2.22 Resistance 1: 2.40
Support 2: 2.17 Resistance 2: 2.45
Price has broken out into a strong uptrend since February 2017 after the 20 day moving average crossed above the 60 day moving average on 15/02/17.
A correction recently appeared after price hit the 2.40 resistance area obstacle on 20/03/17. The 20/03/17 shooting star rejection off the 2.400 resistance area moved price into a correction where it was subsequently halted off the 2.22 resistance turned support area kept price within the uptrend.
Moreover, price has finally broken out of the 11 days range, above the 2.30 range high with increasing volume on 10/04/17 suggests a continuation with the bullish momentum.
Expect price to trend higher next to test the 2.40 resistance area followed by 2.45.
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