JOHOTIN (7167): Bullish

Pattern: Rounding Bottom Breaks Up

As usual, I like to start with a long-term outlook by looking at the weekly chart.

From the weekly chart above, it is showing bullish outlook. The only downside is that last week's candle forms a shooting star and implies losing bullish momentum as buying power is overcome by selling pressure, i.e. rejection from the top. 

Let's look at the daily chart to look for more hint below:

Two rounding bottoms as marked in blue and green are illustrated in the daily chart above. The first rounding bottom in blue with a target price based on a projection of X has been achieved. 

The second rounding bottom as marked in green has a target price of 1.42 based on a projection of Y. 

After breaking up from the second rounding bottom's neckline, JOHOTIN achieves a high of 1.29 at 23 Nov 2016.  Though it breaks above 1.29 recently, the price was rejected quickly from the high. 

I expect the price to pull back first (or at least consolidate here) before trying to penetrate the high the third time.

Aggressive players can watch out for a bullish candlestick reversal pattern during this pullback or consolidating period before longing.

Another worth noting point is that every up tide was accompanied by a healthy rising volume while retracing with low volume (i.e. lack of selling interest). This further enhances the bullish case.

I am bullish as long as it stays above 1.05.

Do you spot any interesting pattern in any counters? Feel free to share them :)

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Cheers,

Ming Jong

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