First Resources - 31 March 2026

First Resources Ltd. (SGX: EB5) — 1D (Daily)

Market regime: Strong uptrend, now in a momentum continuation phase near resistance.

1) Structure and trend

The chart is clearly bullish on the daily timeframe. Price has progressed from the 1.60s base area into a sequence of higher highs and higher lows, then accelerated sharply in March.

Key structural progression:

• Base around 1.62–1.72
• Break into 1.90–2.00
• Consolidation above 2.00
• Trend continuation through 2.20–2.33
• Sharp markup into 2.60–3.00

This is classic accumulation → trend expansion → re-accumulation → markup behavior.

2) Highest-conviction observations

1. Strong institutional-style markup in March
The jump from the low 2.30s into the 2.60–2.80 area happened with obvious volume expansion. That usually signals genuine demand rather than a weak retail drift.

2. 2.20–2.33 was the key launch zone
That region acted as a prior ceiling, then price accepted above it and never meaningfully fell back. That is an important demand/repricing zone.

3. Current price is testing a major psychological and structural level at 3.00
Round numbers matter. The chart tagged 3.00 intraday and closed at 2.90, so there is still supply sitting near that level.

4. Pullbacks are shallow, which is bullish
Even after the sharp advance, the retracement from the recent swing high stayed relatively controlled around 2.66–2.70 before buyers stepped back in. That shows dip-buying behavior.

5. Trend is strong, but short-term extended
The move from roughly 2.33 to 3.00 was fast. When price rises this quickly, it becomes more vulnerable to either:

• sideways digestion below resistance, or
• a deeper retest of breakout support.

3) Volume-price reading

• Earlier in the chart, volume was moderate while price trended steadily upward: healthy accumulation behavior.
• The March surge came with clear volume expansion, confirming strong participation.
• Recent candles near 2.80–3.00 show active two-way trade. That suggests supply is appearing, but not yet enough to reverse the whole uptrend.
• Since price is still holding high after the breakout, the tape currently favors absorption of supply, not outright distribution.

4) Key levels

Immediate resistance

• 3.00: major psychological resistance and current breakout test
• Above 3.00, price enters a less-defined zone, so a clean close above it could trigger another leg up

Near-term support

• 2.81–2.86: first support band; recent pullback/acceptance area
• 2.66–2.70: stronger short-term swing support
• 2.33–2.40: major breakout support and prior demand zone
• 2.20: deeper structural support

5) Institutional footprint / smart-money view

• The last opposing candles before the March impulse around the 2.30–2.40 zone look like the most obvious demand origin / order block.
• The explosive move through 2.40 to 2.60+ resembles a displacement leg, which often leaves a strong underlying bullish bias until that origin zone is decisively lost.
• The rejection from 3.00 so far does not yet look like a clean upthrust failure because price has not broken down materially afterward.

6) Trade-quality interpretation

Bullish continuation case

• A firm daily close above 3.00 with decent volume would confirm breakout continuation.
• In that case, momentum traders may target a measured extension beyond the recent range.

Bullish pullback case

• A retracement into 2.81–2.86 or even 2.66–2.70 that holds on lighter selling pressure would still be constructive.
• That would be a healthier continuation structure than chasing directly under resistance.

Risk case

• If price repeatedly fails at 3.00 and then loses 2.66, that would signal momentum decay and raise the chance of a deeper retrace toward 2.33–2.40.

7) Risk management framing

For a trend-following setup, the cleaner logic is:

• Aggressive entry: only on confirmed strength above 3.00
• Conservative entry: wait for pullback stabilization near 2.81–2.86 or 2.66–2.70
• Invalidation: below the relevant swing support used for the setup, not by arbitrary percentage

8) Forward bias

Bias: Bullish, but short-term extended under resistance.

The bigger trend remains clearly up. The main question is not whether the chart is bullish—it is—but whether 3.00 breaks immediately or after consolidation. Right now, the higher-probability read is:

• medium-term bullish
• short-term watchful near 3.00
• best behavior would be either:
  • breakout and hold above 3.00, or
  • controlled pullback that respects 2.81–2.86 / 2.66–2.70

Disclaimer:Please note that this analysis is for educational purposes only and should not be taken as investment advice. Trading involves significant risk, and you should consult with a financial advisor before making any decisions.

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