Sunningdale Tech Ltd – Daily timeframe (Update from 10 January 2017)
Current Sentiment: Bullish
Support 1: 1.140 Resistance 1: 1.240
Support 2: 1.100 Resistance 2: 1.265
Buyers managed to breakout above of the 1.060 resistance area and 20, 60 day moving average instead after the last update which shifted the trend into a bullish one. Furthermore, the 20 day moving average crossed above the 60 day moving average on 07/11/16 further validates the change in sentiment.
Since then, price has been trending higher with the support of the 20 and 60 day moving average. The bullish momentum appears to be building up here as price broke above the 1.140 resistance area remarkably on 02/02/17. Moreover, the bullish break was backed by surging volume as the 20 day moving average propelled price higher.
Expect price to continue trending higher next to test the 1.240 resistance area next followed by 1.265.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks