Tag: First Resources

First Resources Stock Code EB5.SGX

Outlook

Price closed above the cloud in the previous trading session, changing the chart outlook to bullish. Conversion line and Base line had a bullish crossover and is hinting at a bullish price trend ahead. Lagging Span is above price of 26 days ago but is inside the cloud at the moment.  MACD is moving up after a bullish crossover and is hinting at a bullish price trend. If price is able to stay above the cloud, it could be heading towards the previous resistance high at $1.71 in the next 2-3 weeks.

Strategy                  

$1.56                 Buy

$1.71                 Price Target

$1.48                 Risk Management Stop

3 weeks              Trade Duration

First Resources Stock Code EB5.SGX

Outlook

Price tried to break above the cloud two days ago but failed and is currently inside the cloud. A bearish Engulfing candlestick price pattern is hinting at a bearish price trend as well. Conversion and Base lines are about to have a bearish crossover. Lagging Span is below price of 26 days ago but is inside the cloud. MACD is bearish with both lines below the zero line. We think price is likely to move lower to the next price support at $1.27 in the next 2-3 weeks.

Strategy                  

$1.45                 Sell

$1.28                 Price Target

$1.54                 Risk Management Stop

3 weeks             Trade Duration

First Resources Stock Code EB5.SGX

Outlook

Price reached a low at $1.26 on 26 July and has been moving higher but was unable to move above the cloud. During the recent price consolidation, price was supported by the cloud and managed to stay within the cloud. Conversion line and Base line had a bullish crossover and is hinting at a bullish price trend.  MACD is bullish with both its lines above the zero line. However, MACD is flat. If price is able to stay above the cloud, it could be heading towards the previous resistance at $1.595.

Strategy                  

$1.49                 Buy

$1.59                 Price Target

$1.42                 Risk Management Stop

3 weeks              Trade Duration

First Resources Stock Code EB5.SGX

Outlook

During the recent price correction, the price was supported by the thick cloud, which prevented the trend from turning bearish. Conversion line and Base line remain in a bullish crossover, hinting at a bullish price trend. Lagging Span is above price of 26 days ago but is inside the cloud. MACD remains above the zero line and is hinting at a bullish price trend. As long as price stays above the cloud, the bullish price trend is likely to bring price higher to $1.77, which is also the previous price high, in the next 2-3 weeks.

Strategy                  

$1.62                 Buy

$1.77                 Price Target

$1.54                  Risk Management Stop

3 weeks              Trade Duration