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kenjikool

11,412 Posts.

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29/05/19

09:21

Post #: 38793990
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Originally posted by Patterns: ↑

@kenjikool Any time price breaks out above a horizontal line or a sloping trend channel is a confirmation that the second leg up is in progress and that is why the price target is adjusted upwards initially the price target is still at the next high at the point where price has previously turned down but also a longer term target based on the second leg up being in theory the same length as the first leg up. In the case of HDM 30 the short term price target is still at the top of the first leg up which was 33.1 cents. But a breakout over 33.1 cents rather than a pullback entitles shares of this caliber to a new price target of 38.2 cents calculated by adding the price of the first leg up to the price of the bottom of the pullback. I am mystified as to why someone would question whether a massive green candle breaking out of a wedge formation was bullish.

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