Candlestick & Breakout Patterns

EFORCE Rounding Bottom Breakout Hitting Historical High

Ming Jong Tey
Publish date: Tue, 02 May 2017, 06:23 PM
Ming Jong Tey
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EFORCE (0065): Bullish

Pattern: Rounding Bottom Breakout

EFORCE Weekly Rounding Bottom

As seen on EFORCE's weekly chart above, it took about a year to consolidate via a rounding bottom. Last week, EFORCE broke out the neckline and is officially stepping into the uncharted territory. 

EFORCE Daily Breakout

When we zoom into EFORCE's daily chart, as shown above, we can notice that it broke the down trendline (during the formation of the rounding bottom) in early February 2017. Also, since April 2017, there are some buying interests shown up as reflected in the volume. 

Based on the pattern projection, the immediate target price for EFORCE are 2.40, 2.70 & 3.20.

I am bullish on EFORCE when it is trading above 1.80.

 

 

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Discussions
1 person likes this. Showing 2 of 2 comments

100percentprofits

444 million market cap for an RM22mil revenue company.
Rarely do I see a company with 20:1 market cap to revenue ratio.

The syndicate is strong in this one

Not saying that it won't go higher, just sayin that if you play this game, remember that you are at their mercy.

2017-05-02 18:49

Ming Jong Tey

Some speculate this stock might be the next MYEG (which is up about 100 times since inception taking into account share split & bonus).

Why?

The cofounder and MD of MYEG, Wong Thean Soon has become the largest shareholder.

Brahmal, the guy who runs Creador, also emerges as one of the major shareholder.

Also recently, this stock announced the proposal of share split 1 into 2.

These are great catalysts but the most important thing is the chart is revealing its bullishness and broke the neckline of the rounding bottom.

2017-05-02 18:53

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