Candlestick & Breakout Patterns
SAM - A Bargain Below $5? Let's Find Out If Selling Is Done Yet From This Pattern
Ming Jong Tey
Publish date: Thu, 29 Dec 2016, 12:03 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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This analysis is a request from a reader. He heard that $5 is a bargain based on SAM's strong fundamental, management, etc...
Since he got his justification based on the fundamental / qualitative part, I will give my 2 cents based on the technical aspect, as presented in the daily chart below.
SAM has broken down from a double top pattern, with a target price of 4.0 based on the projection of X.
The projected target price also coincides with the support area 3.9-4.2, which provides another level of enhancement and confidence.
By looking at the price action, SAM had two significant gap down (circled in red) with high volume (boxed in red). The first gap was during the 2nd top on its way down. The second gap was breaking down from the neckline, which shows its true intent - going down.
SAM (9822): Bearish
Pattern: Gap Down From Double Top
Overall, I am bearish. I expect the see the price to hit the target price of 4.0 to meet the pattern satisfaction.
Do you spot any interesting pattern? Feel free to share them to bounce off some more trading / investing ideas.
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Ming Jong
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Discussions
1 person likes this. Showing 15 of 15 comments
I believe the recent sell down is due to uncertainty caused by Trump
Trump claims he wants to tax US companies that import components from overseas. SAM is building a new plant in Penang to supply to Boeing. There are worries that it will be targeted by Trump
2016-12-29 12:09
those Directors looked so confident and cocky in the annual reports. Now see how confident they are
2016-12-29 12:14
lol...Thanks Icon8888. I guess the tariff hike planned by Trump will have further pressure to exporting based stocks in furniture, glove and electrical & electronic too...
Let's see what Trump comes up with after his inauguration on 20 Jan 2017.
2016-12-29 12:29
Hi Icon8888,
What do u think about Pohuat? Pohuat WB seems undervalued with less than 2% premium. (I have read your articles, but would like to know ur latest feeling on pohuat). thank you icon.
2016-12-29 12:51
pohuat WB is fantastic, but you need to take into consideration Trump factor
2016-12-29 12:58
Even is a concern on Trumpt's new tax policy but for aviation parts fabrication it nids a very lengthy and thorough qualification processes to qualify new fabricators. If this is d case shud there be a concern in short term say 2-2.5 yrs?
2016-12-29 13:10
Sifu Icon, you already quite convinced that Trump protectionism would not be put to work come Jan 20th 2017, what's the worry then? Should buy when everyone is fearful ? or how ?
2016-12-29 17:12
U get it totally wrong.
Protectionism is about at what cost u would take to make sure your target achieved or objectives to nail down on a certain period of time.
Things are always equally balance, u can protect something in the same time u lost some.
Btw, hope u get it.
2017-01-02 22:05
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game over already lar.
2016-12-29 12:09