Candlestick & Breakout Patterns
PETRONM Rounding Bottom Breakout With Textbook Style Support Resistance Inside
Ming Jong Tey
Publish date: Wed, 17 May 2017, 06:55 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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PETRONM (3042): Bullish
Pattern: Rounding Bottom Breakout
As shown in PETRONM's weekly chart above, it broke out the neckline of the rounding bottom pattern about 3 weeks ago.
Let's zoom in on some details as shown in PETRON's daily chart below:
First of all, we can see the two support resistance lines (counting from below) are the great examples of support turned into resistance and vice versa.
The first breakdown happened in March 2016. Subsequently, it formed a support line until another breakdown in May 2016.
Tthe two times breakdown come with gaps and strong volume, which showed the strong commitment of seller.
After the breakdown, PETRONM consolidated from June 2016 till Feb 2017, resisted by the resistance. It broke the resistance and backtest it as a support, before it broke out with a gap and strong volume in March 2017.
These support resistance lines are pretty much textbook style, which are great for trading.
Based on the projection of the pattern, the target prices of PETRONM are 8.70 (already hit) 10.0 and 12.00.
I am bullish on PETRONM when it is trading above 6.50.
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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Cheers,
Ming Jong
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Discussions
Be the first to like this. Showing 14 of 14 comments
Cup and handle always work when you have a large number of Cup & handle users... i dont have this fundamental data with me.
2017-05-17 19:06
TA experts find FA users sexy...the same way i am attracted to the TA users.
2017-05-17 19:08
cause causes effects and effects affects cause...
the cat chases it tails...and the yang molds the yin...
Is cheetah's speed evolved by the gazel's speed of sprint or...was it the other way round?
i think life's hidden mystery is hidden deep inside these question..
2017-05-17 19:18
just trying to talk like stocknanny...so that he will join here and promote this blog > <!
2017-05-17 19:20
X-men...your comments are welcomed here...
since i cannot eliminate you...might as well synergize something from your presence...
2017-05-17 19:23
https://us.yahoo.com/finance/news/princeton-physicist-answers-grandest-why-170928271.html
interesting to know that its odds - chance ...is something so mysterious and may be the answer to why we are here.
2017-05-17 23:29
stockmanmy..i have brought and intellectual topic for you to ponder and figure out..he he
2017-05-17 23:37
I think you should highlight stocks before the price breakout, not after.
Let your readers decide whether they want to enter before or after the price breakout.
I for one will not chase after a horse which has already bolted from the stable.
2017-05-19 13:47
@Beary All my posts here are for study and analysis purpose. If anyone can find an entry point that fits his/her own trading plan with decent reward to risk ratio, he/she can take the chance at own risk :)
2017-05-19 21:41
No offence MJT.
Its just my opinion that your postings will be better received if you can highlight stocks earlier when bullish formations are at an advanced stage and nearing the point of price breakout.
Either way, readers will still use them for their "own study and analysis" whether you highlight them before or after the price breakouts.
However, by highlighting earlier, readers would have more options on their entry points should they decided to buy.
Anyhow, I believe nobody in their right mind would blame you should the price movement doesn't go according to your prediction.
2017-05-21 11:24
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
probability
certainly believe on PetronM's FA...but i always like to ignore TA...
2017-05-17 19:02