$WOOD valid breakout on c&h patternSince trading on May 22 until today, Monday, August 19 2024, price movements have formed a cup and handle pattern with the neckline as the basis for price movement resistance for three months which has been breakout today and therefore can be used as a valid bullish signal.
The next movement we can set the target is 304 as the current resistance base with gain profit of 15.69%.
indicator:
- FIB fan speed resistence
- FIB Retracement
WOOD trade ideas
TechnoFundamental Analysis for IDX-WOOD IDX:WOOD is showing a clear sign of trend reversal.
Technical :
After making consistent higher low and higher high, IDX:WOOD is reaching a new high and hit EMA 90 (Sell Area 1) .
The price would retrace for a while and then hopefully it would bounce back higher to sell area 2.
Fundamental :
Sell Area 2 is similar with the stock's intrinsic value (around 640).
Good Luck!