ELSOFT RESEARCH BHD (9-FEB-2021)

The reversal of the trend has been evidenced by the breaking of the major down trendline since Sept 18.

The consolidation within the “pennant” pattern is unfolding and is hovering around the same price zone after rebounding off 38.2% Fibonacci retracement which coincides with mid-line of BB (20-day SMA)

The stock as a solid chance to break out the pennant pattern.

Next R/ TP:
• 1.04 (50% FE)
• 1.09 (61.8% FE)
• 1.39 (Pole of pennant pattern)

Support:
• 0.855
• 0.795

Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.