DBSTOCKBRO has broken out this week from a long term zone. The move has occurred after a nice rounding bottom that took nearly 8 years. Remember that the longer the pattern formation, larger the move.Now if we go by classic TA, rounding bottom low from breakout zone is a 550% move (38 points in terms of number). If we go by % then there is a huge upside potential in the stock. Even if we go by just the absolute move, it would still be a healthy 70%. Break of this week's high should be a good entry point if you're an aggressive trader.
On the downside, if there is a re-test then it might go back to 45 zone before it continues on the upside. If you're a conservative trader then you can wait for the pullback (though it may never happen).
Worst case, the breakout might fail completely hence it would be prudent to trail this using a tight average in a daily timeframe, e.g. 9DEMA/10DMA.
True Wave Scanner - scanner.elliottwavestrading.com
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True Wave Scanner - scanner.elliottwavestrading.com
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.