PHEN on a potential Shark Harmonic Pattern

PHINMA Energy Corporation

PHEN is potentially forming a Bullish Shark Harmonic Pattern.
*A breakdown from "A" leg (2.22) will give it higher probability of completing the pattern.

Another bearish pattern is also developing - a Rising Wedge pattern. A breakdown from this pattern will have a projected target towards the "0" leg (2.03) which is in confluence with the PRZ (Potential Reversal Zone) of the Bullish Shark Pattern.

Trading Plan
- Only trade this setup once the Bullish Shark Pattern has been completed.

Bullish Shark Pattern













Rising Wedge Pattern

Comments

Post a Comment

Popular posts from this blog

JFC price action analysis

Image
Jollibee Foods Corporation JFC is potentially forming a Bearish Butterfly harmonic pattern with PRZ (Potential Reversal Zone) around 229.80 (228.80~231.50 range).  In the short term, it will need to break the immediate resistance around 220 to give it higher probability of completing the harmonic pattern. The price action yesterday fails to break at close the immediate resistance at 220 and potentially formed up a Shooting Star candlestick pattern (considered a trend reversal pattern on confirmation). Trading Plan - Avoid for now if you are not in a trade yet. - The PRZ area is a potential profit taking zone.
Read more

SMC price action analysis

Image
San Miguel Corporation SMC is recently trading near its immediate support area including the 19-month uptrend line. Trading Plan - Potential buy near support with a stop-loss a few points below immediate support area (keep at least 1:2 risk/reward ratio, the higher the better).
Read more