Razor to start a rally from the break-out of a rounding bottom?
Updated
Razor appears to be performing well this year under the backdrop of CV-19. Negative earning has been continuously improving. It's very likely that the company will report a come-back of positive earnings in the next earning call.
From pattern standpoint, Razor has recently completed the formation of a long-term Rounding Bottom.
A break-out was also formed nicely (with retraction in the last few days)
As long as it continues to stay on top of the neck-line ($2.23), the uptrend will likely to bring the price to $3.5/$3.6 range at the minimum.
From pattern standpoint, Razor has recently completed the formation of a long-term Rounding Bottom.
A break-out was also formed nicely (with retraction in the last few days)
As long as it continues to stay on top of the neck-line ($2.23), the uptrend will likely to bring the price to $3.5/$3.6 range at the minimum.
Trade active
I am very glad that Razor issued a positive profit alert today and drove its price through the roof +18.2% to 2.73HKD.Its profit story and the price actions today aligned with the chart pattern prediction nicely:
Razor spent the last 10 trading days forming the retraction after the initial break-out. Stayed above the neck-line throughout.
It shot up today once it touched base with SMA 20-Day last Friday.
Remain to be a strong buy.
Trade closed manually
It closed at 2.18HKD today; way below the neck-line support. The whole break-out trend from the rounding bottom was destroyed by the plunge this afternoon.This trade was aborted.
Trade active
Seemingly a "Double Bottom" formed.
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