Using PENNANT / FLAG Pattern to Predict Price Movement
My favourite pattern is used again, this time on sudden rise of ICONIC.
We would predict today's trading will be a pullback as profit taking will take place. I would usually suggest retracement using Fibonacci. If the price maintains at RM0.295 and above with accumulation phase taking place, we will see price move back to RM0.320 and further increase to RM0.340.
A bit risky trading plan, but worth trying.
Current Price: RM0.320
Target Price: RM0.340
Support: 1-RM0.295 2-RM0.280
We would predict today's trading will be a pullback as profit taking will take place. I would usually suggest retracement using Fibonacci. If the price maintains at RM0.295 and above with accumulation phase taking place, we will see price move back to RM0.320 and further increase to RM0.340.
A bit risky trading plan, but worth trying.
Current Price: RM0.320
Target Price: RM0.340
Support: 1-RM0.295 2-RM0.280