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Positive divergence between declining price and the MFI is quite obvious on the daily chart now. Price would likely continue higher in the next session with immediate resistance provided by the declining 20dMA at $1.73.
If the bulls are very strong, we could see $1.83, a formerly strong support tested as resistance this time round. $1.83 is also where the declining 50dMA is approximating.
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4 comments:
Hi AK!
Seems that the bullish reversal has happened.
Would this be a good opportunity to catch the uptrend, along with its good news on its properties in Japan?
FMX
Hi FMX,
The technicals are looking good. An important reason why I refused to sell my investment in CMA was because of the positive divergence observed in the weekly chart.
Of course, whether to go on the long side for a trade or not tomorrow is entirely up to you. ;)
AK,
your CMA Huat ah! Congratulations. I really shouldn't NATO so much. :)
Hi Isaac,
It has to overcome the 20dMA convincingly first. Too early to pop the champagne. ;)
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