Southeast Asian Cement Corporation (CMT) finally managed to breakout from the 2.06 ascending triangle resistance line, to close strongly at 2.12. As you can see on the chart below, CMT’s bullish momentum is likely to take price towards the 2.55 price area within a three month window, so traders that have missed this opportunity still has a chance to join this price move.
As with any trades, you must always have a trading plan in the event this trade doesn’t perform as expected. In this case, cut loss if price falls below the breakout point of 2.06. But at this point, outlook for CMT is looking good, with the MACD making a piercing upward cross on the signal line, indicating that recent price action for CMT is still bullish.
hello jun, am just curious on the kind of software do you use that can project this kind of chart. thank you.
ReplyDeleteHi Ryan, I am using the Amibroker charting software. You can find instructions on how to setup Amibroker with PSE historical prices on this post.
ReplyDeletehttp://pinoystocktrader.blogspot.com/2010/11/amibroker-charting-software-chart-data.html
Hope this helps!
Regards,
Jun