Del Monte Pacific Ltd (SGX: D03) major impulse wave movement has completed the intermediate wave (3). Currently, technical has shown sufficient proof that the corrective wave may have ended:

1. The larger bullish flag marked by corrective ABC has been completed after prices has continuously stay supported above the support zone 2 at $0.310-$0.330. Also, the bullish flag act as a bullish continuation pattern.
2. Inverted head and shoulder is considered completed after last Friday’s candle gap and close above the neckline resistance turned support at $0.360-$0.390
3. The candle has also successfully close above the 50-day MA.

*Timeline of the trade is 12 weeks from the date issued.  

CHART LEGENDS

Moving averages

Red dotted line = 200 periods MA

Blue dotted line = 50 periods MA