Wing Tai surprise

Good day all,

This is Wing Tai, W05.SI. After a long downtrend that brought Wing Tai down to just below $1.00 a share, Wing Tai shot back to life and got back above the 200-day MA. The V-bottom gives me quite a good-looking inverted head and shoulders. Strong buying pressure pushed Wing Tai out of the inverted head and shoulders. From here on, I will watch Wing Tai as it trades post-breakout from an inverted head and shoulders pattern. The pattern took a year to form, so projection will be using the height of the pattern that gives us an upward target of about $1.75.

This upturn has caught me by surprise. It seemed as though Wing Tai was in free-fall, and would go lower to test post-crash lows; however, the market had other ideas, and Wing Tai joined fellow property counters to rally upwards.

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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