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Sent: Thursday, July 02, 2015 10:21 AM
Subject: ********First Resources: Potential breakout above 2.10, put in watchlist., price 2.08
Subject: ********First Resources: Potential breakout above 2.10, put in watchlist., price 2.08
First Resources has traded gradually upwards over the past one month as it attempts a breakout above the 2.10 level again. At current level, 20 day MA line has crossed above the 100 and 200 day MA line with 100 day also on the verge of crossing above 200 day MA positively today – this can signal a strong reversal in trend in play. Resistance at 2.10 key to end the current consolidation phase since August last year where it has also formed a triple bottom over the past 8 months period. Range will be from 2.00 to 2.10 and as long as 2.00 is a psychological support, uptrend intact in the long term with a move above 2.10 seen as a short term positive to 2.30 then 2.60. Can consider averaging up with stop loss at 2.07 on a breakout above 2.10, in our watchlist.
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