The stock is believed to be forming a bottom at current levels. Trading strategy would be buying at current market prices and wait for 0.45 level as first target, then breaking this level would give us the green light to target 0.55 then 0.60 on mid-term.
The violent thrust rebound from 0.7900 to test the broken trendline suggests that it was just a retracement and the downward move is not over yet.
A confirmation for that scenario is the out of proportion move in RSI. The retracement rally pushed the RSI to its previous top.
Support level 1240.00 is the key answer for this question.
The price structure forms a triangle that can be both continuation and reversal pattern, depending on the which side it will breakout form. However, the price action within the triangle itself may indicate the direction of the breakout.
Bullish, if it managed to rebound off support level 1240.00 and...
HCP is forming a clear Head-and-Shoulders pattern. It is still not completed as the stock is testing the neckline at 43.00, but odds favor breaking that line to successfully complete that pattern and target 50.00.
What gives more weight to this scenario is RSI structure. RSI moved in the blue rectangle during the pattern formation and it managed to break it in...
Egypt Index ETF Market Vectors (EGPT) weekly chart suggests a very bullish scenario for the market. Let's take a walk along its history first to draw a vivid picture of its future.
The index declined sharply after its inception due to political turmoil in Egypt, moving from approximately 90.00 to 37.00. Then a rebound to 64.00 followed by another decline to...
