Wing Tai Ltd – Daily timeframe (Update from 14 September 16)
Current Sentiment: Bullish
Support 1: 1.820 Resistance 1: 1.935
Support 2: 1.765 Resistance 2: 1.960
Price manged to rebound off the 1.575 critical support area since 27/12/16 where it eventually turned into an uptrend, further confirmed by the 20 day moving average crossing above the 60 day moving average on 23/01/17.
There was a correction recently after price hit the 1.935 resistance area on 09/03/17 but the correction was short lived as price was readily supported off the confluence of 60 day moving average, 1.820 resistance turned support area and 38.2% Fibonacci retracement level. In addition, the bullish rejection off the support area succeeded in breaking price above the 20 day moving average and pullback line on 27/04/17 signals the resumption of the uptrend.
Expect price to head higher next to retest the 1.935 resistance area followed by 1.960.
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