Looking at First Resources the first thing to note that its now testing the downtrend line for the third time and has seen an increase in volume today too. ย Palm oil related counters like wilmar had a good run today too.
How we’ll trade this is to wait for it to breakout of that trend line convincingly then we’ll consider an entry . Another good point is that it closed above it’s 50 days moving average too. Our stop loss would be at 1.89 . And we would consider using Poems CFD to ride this position if we’re right to 1.97 first then move up our trailing stop.
Yours
Humbly
Kelwin&Roy
[…] First Resources just posted last night and it had an excellent run this morning. Of course once again we would like to remind our readers that not every stock runs like this and we can’t expect every stock to run that much. Slow and steady we emphasize. =) Hope you all managed ย to benefit and learn something from our sharing. […]