IQGROUP (5107): Bullish

Pattern: Rounding Bottom Breakout Plus Uptrending Channel

Based on IQGROUP's weekly chart above, we can observe that the bullish momentum of IQGROUP accelerated once it broke out from the first channel from July till Dec 2016. Subsequently, it trends nicely within the second channel with a higher degree gradient (i.e. trend acceleration). 

As shown in IQGROUP's daily chart above, it formed a rounding bottom, broke out and did a retest of the neckline before going to trend upwards within the channel.

Based on IQGROUP's characteristics, a buy on dip could form a good trading plan.

It is also worth to note that IQGROUP gapped up yesterday with a strong bullish candle and might break out from the channel. Should it break out, we might see trend acceleration like it did as shown in IQGROUP's weekly chart, which will be become a parabolic uptrend.

Based on the rounding bottom pattern, the projected target price are 4.07 (already hit), 4.8 and 5.23.

I maintain my bullish view on IQGROUP as long as it is trading above 3.50.

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.

Topics That You Do Not Want To Miss

How to determine the "bullishness" of the patterns- https://www.facebook.com/BursaSGXcandlestick/videos/378260995905662/

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

Best Way To Learn To Trade Without A Mentor - http://klse.i3investor.com/blogs/candlestick/113821.jsp

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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