After the medium term upside wave that started from the recorded bottom at 12.03 towards the temporary top at 24.24, the share breached the support for the upside channel that organized the bullishness shown over daily basis below. 
The share indulged in a downside correction that did not extend beyond 38.2% Fibonacci correction.We can see that the downside correction formed a falling wedge and the share targets the resistance to rush higher at 20.80, though we do not expect the breach to be easy due to oversold signals on Stochastic and the 50 Days MA which resides with the aforesaid resistance. Therefore, we expect fluctuation and volatility before breaching this area to the upside towards the first target at 22.15 which might carry the share again into the general bullish wave, as this resistance level is the previously breached support mentioned above. Therefore, the share might reverse to the downside from those areas to gather more bullish momentum to rise again towards 23.10 and then the previous top at 24.24. Areas of 20.80 might pressure the share to the downside to extend the correction initially towards 19.60 then 18.75 before returning to the upside activating the falling wedge suggested.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com