PENTA (7160): Bullish

Pattern: Rounding Bottom Breakout

Since I first did my analysis on PENTA on Jan 2017, it has gone up by 125%. Two of my target prices were hit. Since PENTA's structure has evolved, it is time to come back with a revised analysis based on the evolved structure together with the new target price.

Bear in mind, the run up of PENTA since Jan 2017 is considered a parabolic move, so the risk is relatively higher. You will definitely want to have a tighter trade management to control the risk.

Based on PENTA's monthly chart above, it broke out the neckline of the rounding bottom pattern 2 months ago.

As shown in PENTA's daily chart above, the annotation as circled in blue are the potential entries for a breakout trader. The very first circle in blue was the entry as shown in my last post based on a breakout of a triangle pattern.

Last Friday, PENTA just broke a localised small structure with a bullish engulfing candlestick pattern, which might signal a resume of the bullish momentum.

The target prices of PENTA according to the pattern are 4.50 and 5.50.

I am bullish on PENTA as long as it is above 2.80.

Below is the write-up extracted from The Busy Weekly dated 22 May 2017:

Leave me a comment below and let me know what you think. If you have any queries or want to share the next big stock with me, feel free to contact me via my email or FB page below.

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Cheers,

Ming Jong

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