Strong fundamental company.Last quarter shows significantly increase in earnings.Price has just breakout horizontal line with high volume.I think this might be the Leader of the group
Formed rounding bottom chart pattern and Breakout past the neckline area 1.45 with heavy volume. Potentially testing the next R 1.63 and 1.74 based on fibonacci projection and chart pattern x-to-x target.
Disclaimer: This is merely a study and not a buycall.
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DISCLAIMER
Please consider your own interpretation of Opportunity & Risk. The author of this post strictly follows the Malaysian Security Commission ( SC ) Guidelines on the prohibition of Investment Advice by unlicensed parties. Any examples shall use historical charts without any recommendations and not to cause inducement to...
CBIP in recovery mode with nice double W shape and nice Cup & Handle pattern formed on weekly chart .
Moving average lines up nicely with short term MA trending up above the long term MA. RSI trending up and stochastic is bouncing off the oversold region.
Resistance level at 1.25 from confluence of MA corresponding to previous Support & Resistance
Next...
1. Price swing within up-trending channel.
2. Currently testing up-trending support lines
3. Potential renounce at support lines to test down-trending resistance.
4. Once break out- will test following resistances.
R1 - 0.97
R2 - 1.00
R3 - 1.10
Breakout from major downtrend resistance line
Two consecutive higher lows
Recent completion of cup and handle formation will see further upside in near term
