This analysis is my response to another reader. We all heard horrible stories on lots of oil and gas counters and HIBISCS (5199) is no stranger to us. 

Is this another pumped and dumped or a start of accumulation phase? Let's draw some hints from the charts below:

From the weekly chart above, HIBISCS is meeting a resistance trendline. If it can stay above 0.41 or at least consolidating around the resistance trendline, I am expecting a bullish possible pathway as shown above.

As shown in the daily chart above, we can spot a few patterns. 

The first is a break up from a triangle, with a target price (green projection) hitting nicely on the trendline resistance.

The second is a small rounding bottom as illustrated in orange colour, with a target price (based on orange projection) coincides with the triangle break up projection.

Third, a flag breaks up with a target price of 0.47, as shown in the purple projection.

0.6 is the second target price.

HIBISCS (5199): Bullish

Pattern: Flag Breaks Up

I hold my bullish view on HIBISCS as long as it stays above 0.36. If it breaks the resistance trendline with strong momentum, any pull back to backtest the resistance-turned-support trendline (as circled in purple) could be a buy signal (watch out for candlestick reversal pattern). 

Based on the structure, it reached its selling climax back in Nov 2015 and took a year to consolidate and bottom out. Volume started to pick up in Oct 2016, at the bottom phase, which is always a healthy sign for accumulation. 

Do you spot any interesting pattern? Feel free to share them to bounce off some more trading / investing ideas.

Topics That You Do Not Want To Miss

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

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Come Up With Trading Ideas & Turn Them Into Investing Ideas - http://klse.i3investor.com/blogs/candlestick/114110.jsp

Cheers,

Ming Jong

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