BFC 0.00% 0.4¢ beston global food company limited

BFC broke out of a long duration (good enough, though not...

  1. YLJ
    819 Posts.
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    BFC broke out of a long duration (good enough, though not perfect) Falling Wedge
    in June. As is rather common with this pattern the breakouts are often not immediately
    sustained, but often do continue to meet their price objectives. The target of this
    pattern is in the area of 0.26c.
    When trading Falling Wedges I generally look for another pattern after or with
    the breakout to account for the above-mentioned tendencies.
    It has today broken out of a symmetrical triangle. I generally avoid trading
    symmetrical triangles because of their tendency to "morph" but the type consolidation
    over the past 2 months plus the stong move, today compared to the general market
    convinced me to take a shot. Only a 3rd of my order was filled before it moved, but it's
    good enough. Stop placed @0.082, first target @0.10
    I will likely cut it manually if it returns within the pattern within the next few days.
    All IMHO
    GLTA
 
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Last trade - 16.10pm 06/05/2024 (20 minute delay) ?
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