Sunningdale Tech Ltd – Daily timeframe (Update from 28 February 17)

Current Sentiment: Bullish

Support 1: 1.615                   Resistance 1: 1.820

Support 2: 1.590                   Resistance 2: 1.850

The bullish momentum remained rampant after the last update instead as price continued to move within the uptrend. The bullish momentum was so strong that price only corrected and reverts back to the mean after 32 days.

The bearish rejection off the 1.820 resistance area since 06/04/17 finally took the correction down to test the 20 day moving average meaningfully in order for the uptrend to carry on healthily. As soon as price tested the 20 day moving average on 13/04/17, buyers came in and closed price substantially near the day’s high, resulting in the formation of a Bullish Engulfing Bar with surging volume breaking above the pullback line.

With the current bullish price action, expect the uptrend to resume next for price to test the 1.820 resistance area followed by 1.850.