Ramba has consolidated for more than a week from 0.645 to 0.675, likely to stay within this range until a direction move is seen. Huge resistance can be seen at 0.675 and 0.68 level at the moment so any clearing of these level can lead to a new upward phase with target to 0.70 then 0.78. Note the 0.675 was a crucial resistance from July to Sept last year before it dipped. Ramba has also consistently trade above 20 DAY MA and the channel support upward sloping Green line since Jan this year forming higher lows along each move. Can average up with entry from 0.68 to 0.685 if the breakout occurs with volume more than 8m shares. Only the downside breakdown of 0.63 will invalidate our bullish scenario.
Stop loss at 0.65 on breakout.
