Candlestick & Breakout Patterns
PRESTAR Super Area of Confluence From Two Cups & Handles On Daily & Weekly
Ming Jong Tey
Publish date: Sun, 25 Dec 2016, 03:24 PM
Ming Jong Tey
0 68
Understand the psychology behind the candlestick & breakout pattern will give you an edge to realize why the market does what it does and anticipate opportunities before they happen!
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PRESTAR (9873): Bullish
Pattern: Cup & handle Breaks Up on both Daily & Weekly Charts
Let's take a long term view on PRESTAR as shown in the weekly chart below:
A break up with strong volume from the beautiful cup and handle pattern has been formed with a target price of 1.05 based on the projection of X.
On the daily chart below, we also notice a break up from the cup and handle pattern, with a target price of 1.02, based on the projection of Y.
This is an extremely bullish case as we have two cups and handles both with a confluence target area of around 1.02-1.05.
I expect the price to pull back to the red circled area before resuming the uptrend to hit the first target price of 1.05. Should the price retrace to backtest the neckline (i.e. red circled area), traders should watch out for a bullish candlestick reversal pattern before taking a long position.
As long as it stays above 0.77, I am holding my bullish view.
Will the steel play theme be sustainable? Do look at Annjoo, Mycron, CSCstel together with PRESTAR as they are still technically bullish. Feel free to comment below in terms of fundamental, news, discounted cash flow or any other forms of analysis :)
Further Reading
How to determine the "bullishness" of the patterns- https://www.facebook.com/BursaSGXcandlestick/videos/378260995905662/
The Trade Management Technique You Need To Know - http://klse.i3investor.com/blogs/candlestick/114496.jsp
Best Way To Learn To Trade Without A Mentor - http://klse.i3investor.com/blogs/candlestick/113821.jsp
Entry Illustration - http://klse.i3investor.com/blogs/candlestick/113605.jsp
Stop Loss & Safe Trading - http://klse.i3investor.com/blogs/candlestick/113510.jsp
Position Sizing - http://klse.i3investor.com/blogs/candlestick/113061.jsp
Cheers,
Ming Jong
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Discussions
3 people like this. Showing 8 of 8 comments
Personally, I would be more aggressively in steel play.
if Rm at more stabilise level.
2016-12-25 15:37
Unfortunately, USD/MYR has been trending very well and hitting new high. Given that the hawkish stand from FED with 3 times rate hike next year, I am bearish on RM.
2016-12-25 15:42
Very true, I still believe Steel theme will come back .
Prestar & Annjoo is under my wacth list now.
Mycron should wait until the dust (M.I.E. -Melewar) settled.
2016-12-25 15:50
if next quarter suddenly profit down it will become like eonmetal,from 90cts drop to 50cts
2016-12-25 22:40
Prestar hit 1.04! @Ming Jong, is it ok to enter now?what's the target price after this?
2017-01-06 17:55
@jojojo716 My response to you is here :) http://klse.i3investor.com/blogs/candlestick/113261.jsp
2017-01-06 22:36
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Thanx to Ming Jong Tey for Prestar Ta analyst.
2016-12-25 15:30