Candlestick & Breakout Patterns
E&O Double Bottom Breakout With 3 Target Prices Plus & Overhead Resistance Ahead To Watch Out
Ming Jong Tey
Publish date: Wed, 29 Mar 2017, 09:47 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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E&O (3417): Bullish
Pattern: Double Bottom Breakout
From E&O's weekly chart above, we can see that it broke out from the long-term downtrend line in Feb 2016. Subsequently, it consolidated for a year and formed a double bottom.
E&O broke out and backtested the neckline a month ago and was on the move with great volume today.
The target prices of E&O are 2.30, 2.56, followed by 2.70.
Do watch out for the obvious resistance ahead as boxed in red.
I am bullish on E&O as long as it is above the neckline (1.80).
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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