TEL on a breakout
PLDT Inc.
TEL is on a breakout from a bullish Head-and-Shoulder Bottom pattern with a projected target price around 1930.
*Immediate resistance is near 1700 (1680~1700 area).
Previous breakout from a Falling Wedge pattern has already hit the target at 1618.
Trading Plan
- Buy near the breakout area.
- Set stop-loss on breakdown from 1386 for around 1:2 risk/reward ratio.
* Note that the pattern took months to complete so don't expect a short term reward. This is potentially a slow mover if the uptrend continues.
TEL is on a breakout from a bullish Head-and-Shoulder Bottom pattern with a projected target price around 1930.
*Immediate resistance is near 1700 (1680~1700 area).
Previous breakout from a Falling Wedge pattern has already hit the target at 1618.
Trading Plan
- Buy near the breakout area.
- Set stop-loss on breakdown from 1386 for around 1:2 risk/reward ratio.
* Note that the pattern took months to complete so don't expect a short term reward. This is potentially a slow mover if the uptrend continues.
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