Following the three years collapse the share has successfully broke the downtrend in July with a Golden Cross in weekly timeframe and a valid inverted Head and Shoulder prior to that. The rally subsequently broke the first resistance on September, found support on EMA 50 and advance further over Resistance 1. MACD buy signal above 0 level followed by developing bullish MACD histogram has added more confirmation on prevailing new move. Our target would be at 2.3, however we would be cautious at resistance level on 1.55. New long position on this level may place a stop loss at 0.95.
Disclaimer the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.