Technical Pulse

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Technical Pulse

Price has been moving in a sharp decline sinceFebruary 2017 but some signs of a bottom areappearing. After piercing below the 0.380 support arearecently since 28/07/17, price was relentlessly held up,proving the importance of the 0.380 support area.

    The hammer rejection off the 0.365 low on 28/07/17shows a possible double bottom formation here.

    Moreover, the subsequent bullish follow through on01/08/17 broke price substantially above thedowntrend line, 20 day moving average and 0.405resistance area indicates a strong sign of reversal. Inaddition, the 28/07/17 bullish break was backed by asignificant amount of volume after a prolonged periodof relatively low volume suggests a rising interest.

    Expect price to rise next to test the 0.465 resistancearea followed by 0.485.

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