PENTA: Bullish Engulfing Sighted On weekly chart!

After Morning Star at new support appeared on last 17-Aug-2020 at daily chart, bullish engulfing was sighted at weekly chart now.

Trade At Your Own Risk (and Analysis).

Comment:

Price has successfully moving up, heading towards the ATH resistant at 4.96.

Current price (28-Aug-2020) at 4.77 is slightly higher that fibo projection of 1, at 4.765.

If price can sustain above 4.765, price will move toward the ATH resistant, and subsequently will move to the next resistant of 1.618 fibo projection at 5.12.

Comment:

Bearish engulfing was seen for this week, cancelling the previous momentum.

Hopefully next candle will neutralize this bearish candle and once again to test the ATH BO.

Comment:

The bearish engulfing is too strong, plus the volume indicating bearish over powered the bullish, thus the price went down to 4.40.

Need to monitor closely, to take action if reached CL.

However still possible to maintain position, since EP is at 4.40 as well.

Comment:

Bullish engulfing was seen for this week. Expected some momentum up to the ATH resistant at 4.96.

Go go go Penta.

Comment:

This week the bear still able to beat the bull, leading to double top tweezer candlestick.

ATH resistant at 4.96 is really hard to break.

We are still able to hold on PENTA.

Comment:

Again, PENTA failed to break the 4.96, and candle inverted hammer was seen here.

Considering this, TP at 4.95, and wait for another opportunity after completely pull back later.

Done for this chart analysis.

EP: 4.40
TP: 4.95

RM0.55 profit, 12.5% profit for this 1 month and 2 weeks