CORRESPONDENCE COURSES
OUE: Upside reversal still in progress? Looking good. Price 1.76.
Author: Trading Impossible | Joey Choy
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Just a few weeks back, there were some bullish actions spotted in OUE…
It has been resisted below the 1.65 level since June last year and finally buyers were ready to take it higher by breaking it..
Also, there were also some signs of the trend changing positively from the indicators..
Hence, some upside targets were drawn towards 1.85 first which was where we can expect some firm resistance based on historical price levels..
See what I mean below…
Over the past few weeks, we have indeed seen some consolidation below 1.70 before more actions began,
Has been holding quite firmly above the higher support at 1.65 since last month.. and targets were reiterated again
Buyers were ready to defend the level that they have broken through…
Moving averages were also showing signs of reversal upwards as days passed with a potential crossover..
See the red and blue line below..
Today, we have found a new recent high again as an attempt to push higher towards the same target..
See where we are below..
Can see the bullish crossover as I have mentioned above with the red line finally crossing above the blue 200 day MA line..
This can be a sign of the reversal still in progress…
Target may be revised higher as seen… Still in watch list for more upside…
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