ThaiBev Ltd – Daily timeframe (Update from 5 June 2017)
*Entry Price: 0.940 Stop loss : 0.865 Take profit : 1.045
*ThaiBev has been added to the “Phillip 20 Portfolio“ since 5 June 2017
Current Sentiment: Bullish
Support 1: 0.910 Resistance 1: 0.970
Support 2: 0.870 Resistance 2: 1.045
Price rose as expected after the last update and resumed moving back in the uptrend validating the 0.840 low for the week ended 02/06/17 as the next higher low point within the long-term uptrend.
The bullish narrative is further confirmed by the 20 day moving average crossing above the 60 day moving average on 11/07/17 as price stayed comfortably above it.
The recent correction off the 0.970 resistance area since 26/07/17 was halted perfectly off the confluence of 200 day moving average and 0.910 support area showed sign of strength. Additionally, the bullish rejection off the support area resulted in price forming an increasing volume Bullish Outside Bar on 11/09/17 suggests the resumption of the uptrend next. Moreover, the bullish rejection coincided with the bullish break above the immediate pullback line.
Expect price to turn around next to test the 0.970 resistance area followed by 1.045.
Note: Our current fundamental view on ThaiBev is an Accumulate rating with a fair value of $1.050
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