TEL on a breakout

PLDT Inc.

TEL is on a breakout from a bullish Head-and-Shoulder Bottom pattern with a projected target price around 1930.

*Immediate resistance is near 1700 (1680~1700 area).

Previous breakout from a Falling Wedge pattern has already hit the target at 1618.

Trading Plan
- Buy near the breakout area.
- Set stop-loss on breakdown from 1386 for around 1:2 risk/reward ratio.
* Note that the pattern took months to complete so don't expect a short term reward. This is potentially a slow mover if the uptrend continues.


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