Valuetronics Ltd – Daily timeframe (Update from 8 November 16)
Current Sentiment: Bullish
Support 1: 0.725 Resistance 1: 0.795
Support 2: 0.690 Resistance 2: 0.850
Price started rallying aggressively after it effectively broke above the 0.560 and 0.590 resistance area since 13/02/17 and subsequently form a record high at 0.795.
It is only until recently where some correction in price occurred off the 0.795 high. The correction only managed to take price down to the confluence of 20 day moving average and 0.725 support area before buyers reappeared. Additionally, the bullish rejection off the support area on 03/04/17 broke price above the pullback line and 0.750 immediate range high with increasing volume suggests the resumption of the uptrend.
Expect price to head higher next to test the 0.795 resistance area followed by 0.850.
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