Rotary is currently trading within a rectangle. Rectangle’s resistance is $1.18 and rectangle’s support is $0.874.
In the near term, Rotary is going to test 20D MA resistance to see whether this rectangle pattern is still valid. Failing to break this 20D MA resistance and breaking the rectangle’s support will trigger a bearish down (a formation of lower low, lower high pattern) trend for Rotary.
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I bought Rotary some months ago (at S$1.04) and it would be scarry if the price drops to 0.874.
$1.00 is another tough resistance to break. Rotary may form a descending triangle if fails to break the $1.00 resistance. As I have expected today Rotary has bounced back from yesterday $1.00 level.
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