Stock alert!! – Poised for breakout
Oil & Gas sector has a strong rally yesterday after a strong rebound in crude and brent oil price.
Let’s have a look on ARMADA.
Zooming in the chart, we can see a bullish chart pattern – ascending triangle and a breakout is imminent. From weekly timeframe or if you zoom out to look at the bigger picture, bullish chart pattern – Inverse Head & Shoulder is forming and on it’s way to breakout if this oil & gas theme can sustain.
The longer time it takes to form these chart pattern, the stronger momentum it is breaking out from the neckline. Look at AIRASIA as the best example for this pattern.
Continue to monitor for the momentum of ARMADA and trade according to the market sentiment. If you are a aggressive momentum trader, you can take a look at ARMADA-C28, issued by Macquarie. Always refer to the LIVE MATRIX before you make any decision.
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