I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Tuesday, 22 November 2016
Breadtalk marked up sharply after news of BreadTalk expanding its Din Tai Fung franchise into UK was released. Price action shows that the rally is in a resting mood instead of a reversing mood as we observe high volume on mark up and light volume on pullback, which forms the classical Bullish Flag Pattern, consolidation for the next mark up move.
Entry: S$1.10 (on break of flag pattern)
Target: S$1.19 (1 year high and 261.80% of Fibonacci retracement from bottom of flag)
Stop: S$1.06 (1 point below flag pattern)
What is Bullish Flags Pattern?
Bullish Flags Pattern is a short term continuation bullish pattern, forming a small consolidation before the next mark up move takes place.