Busted triangles watch

Evening all,

I have some charts of markets I analysed a while ago.

First up, I have the Osim. Right after my bearish call on Osim because of a downward breakout from an ascending triangle, Osim rallied on favourable financial reporting. Osim is now hanging onto $1.30. If I was short Osim, I will have to surrender at this point. If I want to be nimble, then I will watch for the chance of Osim blasting through strong overhead resistance. What this will then become is a busted ascenidng triangle. That remains to be seen, so let us monitor Osim, and see if traders respect the overhead resistance zone.

Next up, I have the ASX. When the ASX fell along with global markets in May, and all seemed doom and gloom, I aggressively looked for momentum. Unfortunately, I got stopped out of the ASX. Fast forward 3 months, I am reminded time and again, it was good that I got stopped out. The ASX is sitting 300+ points above my entry back then. Just like Osim’s chart, the ASX looks like it may want to bust the ascending triangle.

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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