Technical Pulse: Grand Venture Technology Ltd November 3, 2021 990

 

Grand Venture (SGX: JLB) Impulse 5-wave structure has been completed. Recent technical indicate that there will be a strong break to the upside:   

 

  1. The formation of the pennant is indicative of a strong bullish upside.
  2. The rangebox highlighted in yellow is indicative of a sub-crorrective structure and technical price action indicate that there is a strong probability of breaking to the upside.
  3. Should prices fails to clear above the resistance zone, we expect prices to throwback to the support zone at S$1.16-S$1.20.

 

*Expected timeline of the trade is 15 weeks from the date of report issuance

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

 

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