Sunpower Ltd – Daily timeframe (Update from 30 March 2017)
*Entry Price: 0.810 Stop loss : 0.675 Take profit : 0.950
Current Sentiment: Bullish
Support 1: 0.710 Resistance 1: 0.880
Support 2: 0.680 Resistance 2: 0.950
Price went further into the correction instead after the last update as it continued to break below the 20 and 60 day moving average, justifying for a deep correction.
Nonetheless, the long term uptrend remains intact as the long term 20 week moving average succeeded in halting the correction since 11/05/17 and formed a higher low point within the uptrend.
Moreover, after a prolonged period of consolidation for the past 2 months since April, price finally came to life shown by the increasing volume bullish break above the pullback line, 0.745 immediate range high and 20, 60 day moving average on 29/05/17 suggests the next leg higher within the uptrend.
Expect price to trend higher next to test the 0.880 resistance area followed by 0.950.
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