Short
PELIKAN - symmetrical triangle in downtrend?
In H4, we observed the stock has reversed at Fibo 61.8% (0.275) and has make a significant +20% upside inside the symmetrical triangle pattern, testing the 0.355 resistance. RSI+Stochastic showing sharp movement up.
We believe this is a shortlived upside with a potential pullback heading to 0.280 support and exit the triangle to continue with downtrend.
This however would be invalidated if price close above 0.405 which will look like ascending triangle going up.
Speed: Fast with 181M shares float (29% float of 608M shares),
Sentimen: School opening ?
TAYOR
We believe this is a shortlived upside with a potential pullback heading to 0.280 support and exit the triangle to continue with downtrend.
This however would be invalidated if price close above 0.405 which will look like ascending triangle going up.
Speed: Fast with 181M shares float (29% float of 608M shares),
Sentimen: School opening ?
TAYOR
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