Another Construction Company..
Mention by TKK that this have a double bottom breakout.. True but not a very beautiful one..and the break out was at 4.63 with high volume
As for the double top is it a weak one within 3 week duration and it need to break below with high volume for confirmation.
Observation
1) Trendline - Broke the Uptrend Line and going sideways ( Slightly bearish)
2) HH - Formed a lower low at 4.91 ( Bearish) and testing the support at 4.9
3) Pattern - Double Top Pattern ( waiting for confirmation to break below 4.69 with high volume)
4) Candlestick - Weak harami and need to have another white Candle to confirm a strong harami for bullish Reversal)
5) MACD - Bearish but 4R1G ( Potential Bullish Reversal)
6) RSI - Broke the 50% and now is at 52% ( Bullish)
7) ADX - Good momentum and bullish
Conclusion,
Need to wait for confirmation whether it will go up or goes down tomorrow.
Entry Price - 5.1
Stop Loss - 4.8 (S1) and 4.65(S2)
Take Profit = 5.25 (R1) and 5.43 (R2)
Mention by TKK that this have a double bottom breakout.. True but not a very beautiful one..and the break out was at 4.63 with high volume
As for the double top is it a weak one within 3 week duration and it need to break below with high volume for confirmation.
Observation
1) Trendline - Broke the Uptrend Line and going sideways ( Slightly bearish)
2) HH - Formed a lower low at 4.91 ( Bearish) and testing the support at 4.9
3) Pattern - Double Top Pattern ( waiting for confirmation to break below 4.69 with high volume)
4) Candlestick - Weak harami and need to have another white Candle to confirm a strong harami for bullish Reversal)
5) MACD - Bearish but 4R1G ( Potential Bullish Reversal)
6) RSI - Broke the 50% and now is at 52% ( Bullish)
7) ADX - Good momentum and bullish
Conclusion,
Need to wait for confirmation whether it will go up or goes down tomorrow.
Entry Price - 5.1
Stop Loss - 4.8 (S1) and 4.65(S2)
Take Profit = 5.25 (R1) and 5.43 (R2)
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