First Resources has completed a Full Elliott Wave (1-2-3-4-5-A-B-C), is the stock going to start another new Elliott Wave? So far 200D MA has proved to be a very reliable support.
Base on the chart, First Resources has started an uptrend where the stock price is currently trading above 20D, 50D and 200D MA. Immediate support at $1.338 which is the 61.8% Fibonacci Retracement Support and also the 50D MA support.
If you are trading China Animal Health, I believe you will love the WAVES very much. You can see the wave patterns clearly and the predictability of the support and resistance. China Animal Health bounced back from the resistance of $0.43 (with the help of 123.6% FR level) as indicated in my previous post. Base on the latest chart pattern, ChinaAniH is currently testing 78.6% Fibonacci Support at about $0.348. The next support is the uptrend support (which is also a 200D MA support) at about $0.32 if this 78.6% FR support cannot be hold.
Things to watch out:
p/s: If you want to predict the stock price, I strongly suggest you to learn how to draw Fibonacci lines. Fibonacci will help to answer lots of your questions on where are the supports and resistances, where are the entry and exit points, etc.
Kepland seems like trading at the Wave 5 of an Elliott Wave. It is still not clear that whether Wave 5 has completed before starting the Wave A.
Things to watch out for:
