OLDTOWN (5201): Bullish

Pattern: Breakout from Rounding Bottom & Cup & Handle

Based on OLDTOWN's weekly chart above, it has been trending up nicely from 2012 till mid of 2013. Subsequently, OLDTOWN experienced a pull back for 3 years. In June 2016, OLDTOWN broke above the long-term downtrend line and recharged its bullish momentum.

Within the structure, we can see that a cup and handle pattern was formed within a bigger rounding bottom pattern, as annotated in blue. This is indeed a very bullish structure.

As shown in OLDTOWN's daily chart above, the price action has been very bullish. This is shown via many bullish candles breakout with gaps, as filled in the blue circles.

Based on the projection of the patterns, the target prices of OLDTOWN are 3.60 and 4.30.

I am bullish on OLDTOWN if it is above 2.80.

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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