Breadtalk – downside coming up?

Hello all,

I have a short post on BreadTalk for this evening.

In my last post, I highlighted an upward parallel channel in BreadTalk’s stock chart. Sadly, the channel came to an end days after my post. (I do not understand why I always seem to find a channel only when it is coming to an end). So that channel is taken out of my chart since it is cosider invalid. Currently, I see BreadTalk in the late stages of a head and shoulders pattern. If a breakout does not occur soon, then I will simply remove this pattern. For now, I will be looking for a breakout soon. Overall, I am bias to the downside. Here are some reasons why:

– This pattern is at all-time highs

– Price is now clearly below the 50-week MA; and it has not been so for – my goodness – 3 years already.

– Indicators are painting a bearish picture

 

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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