Strong bullish reversal TWSE:3481
1. Innolux has been on a strong downtrend for 3 years but recent break out of the downtrend has halted the selling. Current mid to long-term trend remain rangebound. Short-term trend (2 months) is likely to see a comeback and continued upside as the stock has gapped up above the overhead resistance and the short-term range between 13.00-14.40.
2. Momentum indicator is showing strong bullish pressure and MACD is showing strong signs of reversal. Ichimoku is showing strong signs of bullish upside.
3. Volume increased dramatically, supporting the breakout.
4. Initiate strong technical buy on Innolux with a short-term target at 17.40 and long term target of 30.00
