PUNCAK (6807): Bullish

Pattern: Falling Wedge + Cup & Handle Breakout

Let's take a look at PUNCAK's weekly chart below:

We can see that PUNCAK broke out from the falling wedge today with strong volume, with a projected target price of 1.50 based on the falling wedge pattern. At the same time, traders should be cautious of the immediate resistance by the long-term downtrend line. The price is expected to hit the resistance at 1.3x, as circled in red, before achieving the TP of 1.50. The next resistance is at 1.5x, as boxed in red.

Note: A falling wedge is a bullish structure despite its bearish name.

From PUNCAK's daily chart above, it had broken out from the downtrend line today coincides with a cup and handle breakout, with an immediate target price of 1.28 according to the projection of the pattern. The immediate resistances, 1.28 and 1.46 are boxed in red. 

Also, take note of the significant volume breaking out the downtrend line today. Although there are profit-taking activities kicked in as seen from the price action of the candle, it is a confirmation to show its bullish intent.

I stay bullish on PUNCAK as long as it is traded above 0.96.

Leave me a comment below and let me know what you think. If you have any queries or want to share the next big stock with me, feel free to contact me via my email or FB page below.

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Cheers,

Ming Jong

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