HRB Flag Pattern Confirmed, Aiming At Least $36.00 (+10%)
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Starting from 2013, price has risen sharply, from $19.00 to as high as $32.00.
However from August 2013 to June 2014, price has been consolidating between $26.00 - $32.00, forming a potential flag pattern.
On 11 June 2014, price has broken out of the $26 - $32 consolidation, confirming the flag pattern formation. This breakout went as high as 33.45, followed by retracement towards $32.00.
We note that there is support buying at $32.00. This indicates that the initial breakout to $33.45 is unlikely to be bull trap/ false breakout and traders are building up long positions around $32.00.
We project that price has finished retracing and is about to continue to rise even higher to complete the Flag Pattern.
Theoretical Price Targets:
a) $36.00 {Height of Consolidation + Breakout Level = (32-28) + 32 = 4+ 32 =36}
b) $44.76 { Height of Flag Pole + Breakout Level = (32-19.24) + 32 = 44.76
c) $40.85 { Elliott Wave 3 = (1.618 x Wave 1) + Breakout = 1.618 x (33.45 - 27.93) + 32.00 = 8.85 + 32= 40.85}
Reasonable Stop Loss: Below $32.00.
Time Limit: The breakout will most likely occur from now until 03 Sep 2014. This idea will not be valid after 03 Sep 2014
Risk: There is still a possibility of a false breakout, which will be defined if price closes below $32.00.
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لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.