Raffles Medical Bottomed?
Last week we see a two bar reversal in raffles medical with extremely high volume, the highest in recent months. On Fri it closed a doji with extremely high volume as well. It is likely that it has capitulated and sellers are exhausted.
Our take is that it could have bottomed whilst it is definitely risky as it is still in a downtrend, the reward vs risk ratio is desirable and given the bullish price action, there could be a high chance that it has bottomed.
We believe that it could then form a reversal pattern such as an inverse head and shoulders judging from current price action.
This is something for the long haul as long as 1.02 holds, reversal is likely or it may consolidate from here.
We are vested at 1.05 and here is a post on investingnote:
1st short term TP:$1.10
2nd mid term TP:$1.15
Stop loss:$1.015
This is not a buy or sell call
Interested in joining a traders group chat, do email us at satkitrader@gmail.com
Disclaimer:The contents of this website are provided to you for information only and should not be used as a basis for making any specific investment, business or commercial decision. These pages should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds or any investment products, mentioned herein, or, in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction.