This share has just started a new trading cycle since early this year. Price could rally to the next following four years. However, in long term view this share is a sideway with price whipsaws on weekly view. For short term four years trading cycle, there was significant buy breakout on May, breaking a strong trendline TL1 followed by a Golden Cross in weekly timeframe. Additionally, this share has recently made a strong recovery since August and breaks another strong daily downtrend line this week coincides with a positive divergence sparked on MACD histogram. Holding long may place a trailing stop at 1.05, and a new long position can be executed at current level cautiously with a nearest stop loss level at 1.05. We would be cautious on resistance overhead at 2.2 to 2.5 if the price is unable to penetrate significantly higher.
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.
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.