CFD Trading – Buy First Resources @ $1.39. Stop at $1.28 and Target at $1.65

First Resources Code EB5.SGX

Price broke above the cloud on 1 June 2020 and has stayed above the cloud since that day. Twice during the correction price dipped into the cloud but on both occasions price was able to stay above the cloud, maintaining the bullish trend. We saw a strong candlestick yesterday as well as a bullish Engulfing candlestick price pattern. This candlestick price pattern is hinting of a price rally ahead. This could also be a sign the current correction could have ended and price is about to start a bullish trend again. Conversion and Base lines had a bullish crossover yesterday, confirming the bullish trend. Lagging Span is at price of 26 days ago and is above the cloud at the moment, confirming the bullish trend. MACD is bullish. Both of MACD lines are above the zero line, hinting of a bullish trend. There was also a bullish MACD crossover as well. We expect price to move higher to the previous high of $1.65.

$1.39                 Buy
$1.65                 Price Target
$1.28                 Risk Management Stop
3 weeks Trade Duration

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