InnoTek Ltd (SGX: M14) strong upside is set to continue after a period of 2 months of consolidation based on the recent technical and price actions:
- The 5-wave symmetrical triangle is completed after wave (E) forms a morning star formation candle above the 22 and 50-day MA.
- The psychological resistance level at $1.00 has been tested multiple times and hence, $1.00 is likely to be weaken.
- Should prices fails to break $1.04, there is a possibility of the stock reverting lower to the support zone at $0.826 region.
*Timeline of the trade is 12 weeks from the date issued.
CHART LEGENDS
Moving average
Red dotted line = 200 period MA
Blue dotted line = 50 periods MA
Green dotted line = 22 period MA
