After my post on --> PRESTAR - Super Area of Confluence From Two Cups & Handles On Daily & Weekly on last year's Christmas (yup, about 2 weeks ago), it has already achieved the projected target price (1.02-1.05).

Congratulation if you have made some profit.

Here comes a question:

@jojojo716 I am not sure about your risk appetite, timeframe and your plan, so rather I will share my view on PRESTAR and let you make your own judgement.

In order to assess the next target price, let's take a look at the weekly chart packed with 10-years data to draw some hint from here:

We have a clearer picture when we take an bird-eye view on this 10-year chart. 

Price close at 1.04, which hits the previous supply zone (or called it resistance if you like). This coincides with our previous target price (1.02-1.05). So, I will be careful to enter now as a pull back is not uncommon after hitting a confluence region plus profit taking activity might step in.

Rather, I would love to see a minor pull back to consolidate further before attempting to penetrate the supply area, as boxed in blue.

There are 2 cup and handle patterns as illustrated in green and blue, both have a similar target price of 1.15, based on the projection of X & Y. So, my 2nd target price for PRESTAR is 1.15. 

However, in order to hit 1.15 it will need to penetrate above the previous supply zone in 2007. Should it be able to stay above the supply zone, I will be very bullish on PRESTAR as it wll cast my 3rd target price of 1.70, based on the projection from the rounding bottom as marked in orange.

Please watch out should a deep pull back happen to backtest the previous neckline from the cup and handle, which might evolve and become the handle of the orange rounding bottom, lol.

By now, if you have read some of my previous posts, you might notice I often assume a few scenarios from the current price or draw up a possible path going forward, to anticipate what might happen from here on and at the same time to formulate my trading plan based on different scenarios. As we are not the fortune teller, we can only anticipate and react on different scenarios.

Not familiar with my posts? Check out a few of them below and look for "scenarios":

1. PESONA Rounding Bottom Hitting Neckline With Strong Resistance - 3 Possible Scenarios Inside

2. HIBISCS - A Pumped & Dumped Or A Start Of Accumulation Phase?

3. Comparison Among HEVEA, POHUAT, LIIHEN, LATITUD, FFHB, HOMERIZ - Which One Is The Most Bullish?

4. UCHITEC - From Slow Steady Uptrend To A Momentum Stock

PRESTAR (9873) - Bullish

Pattern: Rounding bottom/Cup & Handle

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

Position Sizing - http://klse.i3investor.com/blogs/candlestick/113061.jsp

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

Cheers,

Ming Jong

Get Update From ==> http://www.vipplatform.com/lp/ideas/

& FB page ==> https://www.facebook.com/BursaSGXcandlestick/

Telegram Channel ==> https://t.me/BursaSGXCandlestick

Contact Via Email ==>