Frencken: A huge rally over the past 2 weeks but is the uptrend over? Price 0.935.

by michaelg November 19, 2019

Author: Trading Impossible | Joey Choy
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Just about 2 weeks back, we saw Frencken approaching the KEY 0.75 resistance bullishly..

Since July this year, we have headed towards it but each time met with heavy selling and then a sell down back towards 0.60..

All this while, the long term uptrend seems to be holding well despite the short term weakness and profit taking…

So when we started to approach 0.75 again 2 weeks back, it was an alert for a potential move up..

I was looking for more bullish price actions at the level to lead the next phase of upside..

Definitely on my watch list with some targets drawn before anything happened with first target at 0.90,

See what I mean below…

Over the next few day, the move indeed came!

It was FAST!

Buyers just lifted off the entire sellers and within a week it has hit our target at 0.90..

Target was reiterated upwards to 1.00 as it happened last week too, see where we were then..

Was quite a good spike up with it forming higher highs each day and uptrend was firm…

Fast forwards to today, just wanted to do a quick analysis again..

Seems like we are seeing some support at 0.90 over the past few days with buyers defending this level..

It is likely taking a breather with it consolidating from 0.90 to 0.95 before more direction..

This is normal given the huge rally we have seen.

With 0.90 holding as the support for now, more upside can still be possible towards 1.00 and higher as per revised target below..

However, given the spike we have seen over the past 2 weeks,

would want to have a strict stop loss to protect profits at all cost 😉

Quite a good move up indeed…. Uptrend still looks good above 0.90 imo… watching to see when it can push again..