IVORY (5175): Bullish

Pattern: Double Bottom Breakout & A Bullish Flag Pending Breakout

Based on IVORY's weekly chart above, we notice that it has been consolidating via an inverse head & shoulder pattern and broke out in May 2016.

Subsequently backtested the neckline before resuming the uptrend.

After IVORY broke out the inverted head & shoulder, every up thrust move is accompanied by strong increasing volume while pullback with thinning volume. This is a healthy sign for a sustainable uptrend for IVORY.

The immediate resistance is boxed in red, around 0.62-0.65.

On IVORY's daily chart, it has formed a double bottom and broke the neckline 2 weeks ago with strong volume. After that, it has been consolidating via a bullish flag pattern, which is about to mature.

Watch out for great volume breakout of the flag to kick start another bullish leg.

The target prices are 0.65, 0.72, 0.76 & 0.83.

I stay bullish on IVORY when it is above 0.50.

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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