Friday, December 13, 2013

First Res (technical)

First Res: Counter has almost retraced back to the halfway mark at $2.05, since its uptrend which started 21 Oct. A close below that level would leave traders to question the validity of the short-term uptrend. On the flipside, a bounce off that level would opine a continuation on the uptrend, supported by the Stochastics at oversold levels. The three previous occasions within the past year when Stochastics were at oversold levels saw the counter's share price move into a short-term uptrend. Key support at $2.05 followed by $1.95. Resistance at $2.20.

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