SHLPH at major support
Pilipinas Shell Petroleum Corporation
SHLPH is back at major support area after failure to break the 2-month old downtrend resistance line. It's also potentially forming a Descending Triangle pattern, a bearish bias pattern that will likely become a trend continuation pattern on breakdown.
However, a Bullish Divergence pattern shaping up on some indicators can be a potential sign of an impending trend reversal or consolidation to unfold.
Trading Plan
- Avoid for now. Monitor if major support holds up and how the Descending Triangle pattern unfolds.
- Trade if there's a breakout from its downtrend resistance line.
- If taking a higher risk trade, buy the support and set appropriate stop.
SHLPH is back at major support area after failure to break the 2-month old downtrend resistance line. It's also potentially forming a Descending Triangle pattern, a bearish bias pattern that will likely become a trend continuation pattern on breakdown.
However, a Bullish Divergence pattern shaping up on some indicators can be a potential sign of an impending trend reversal or consolidation to unfold.
Trading Plan
- Avoid for now. Monitor if major support holds up and how the Descending Triangle pattern unfolds.
- Trade if there's a breakout from its downtrend resistance line.
- If taking a higher risk trade, buy the support and set appropriate stop.
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