BreadTalk

BreadTalk (5DA): Bullish Flag Pattern

Technical Observation:
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.

Trading Plan:
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.