Candlestick & Breakout Patterns

GBGAQRS - Double Rounding Bottom With A Break & Retest Pattern

Ming Jong Tey
Publish date: Tue, 18 Apr 2017, 05:26 PM
Ming Jong Tey
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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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GBGAQRS (5226): Bullish

Pattern: Double Rounding Bottom Break & Retest

GBGAQRS Weekly Double Rounding Bottom

GBGAQRS or Gabungan AQRS Berhad, is one of the bullish stocks in the construction sector.

Based on GBGAQRS's weekly chart above, we can see that it formed a double rounding bottom, broke out the neckline in March 2017 and subsequently completed a retest of the neckline. 

The immediate overhead resistance is 1.60, as boxed in the red rectangle.

GBGAQRS Daily Break & Retest

The break and retest pattern is clearer as shown in GBGAQRS's daily chart above. The bullish candle today (18 April 2017) demonstrated that the break and retest pattern is completed. Bullish uptrend will be resumed.

Based on the pattern projection, the target prices of GBGAQRS are 1.53, 1.75 & 1.88.

It is worth to note that there is a GBGAQRS-WA with high gearing of 4, which can be a great tool for trading if you are seeking for leverage.

I hold my bullish view on GBGAQRS when it trades above 1.05.

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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The Trade Management Technique You Need To Know - http://klse.i3investor.com/blogs/candlestick/114496.jsp

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Entry Setup Illustration - http://klse.i3investor.com/blogs/candlestick/113605.jsp

Stop Loss & Safe Trading - http://klse.i3investor.com/blogs/candlestick/113510.jsp

Ultimate Guide For 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

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