Bullish, found Support
Bonia has bucked five straight months of market pullback as the price found resistance at 1.05 coincides with negative divergence seen on RSI in March. The stock however, rebounded upon touching 200-day SMA coupled with support level at 0.84, which the entire pullback could have ended here. Hence, we see a possibility of technical breakout above the DTL. If this happen, we expect the price to move towards the short term target prices of 0.98, 1.05 and 1.11. Downside support is located at 0.84 and 0.75.
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Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only
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