NWP (0156): Bullish Bias

Pattern: Double Bottom pending to breakout

From NWP's daily chart above, we can see that it is still traveling within a falling channel. So strictly speaking, it is still in a downtrend. 

However, NWP broke out from the downtrend line within the falling channel and subsequently formed a double bottom. It was attempting to break the neckline (as boxed in red) on 17 March 2017 but no follow through after. It is worth to take note of the huge volume at that day. This unusual huge volume serves as an early warning on the awakening of NWP. 

Should NWP successfully break and stay above the neckline, the immediate target price (TP) is 0.30, as circled in blue. This coincides with the resistance formed by the channel and the classical resistance. If the bullish momentum continues, NWP will break out of the falling channel and will have further upside (0.38).

I am bullish bias on NWP when it stays above 0.19.

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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Ming Jong

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