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.